Coffee - Daily technical Forecast

By IBTimes Staff Reporter | May 28 2010 1:11 AM

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Coffee closed higher due to short covering on Thursday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, this month's high crossing is the next upside target. Support begins with the reaction low crossing.

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