Coffee closed lower on Wednesday and remains above the 50% retracement level of the 2008-9 decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 62% retracement level of the 2008-9-decline crossing is the next upside target.