Coffee closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below 20-day moving average crossing would confirm that a short-term top has been posted. If it extends this month's rally, the 87% retracement level of the 2008-2009-decline crossingis the next upside target.
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