Coffee closed higher due to short covering on Monday as it consolidates some of last Friday's decline but remains below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the bearish outlook.
Join the Discussion