Coffee closed higher due to short covering on Friday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain bearish signalling that additional weakness is possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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