Coffee closed lower due to profit taking on Friday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, this month's high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.
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