Coffee gapped down and closed sharply lower on Tuesday renewing the decline off June's high. Today's close below 20-day moving average crossing confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. If it extends today's decline, the 50% retracement level of June's rally crossing is the next downside target. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term.
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