Coffee - Technical Forecast 10/2/2

By IBTimes Staff Reporter | February 01 2010 11:44 PM

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Coffee closed higher due to short covering on Monday as it consolidates some of the decline off December's high but remains below November's low crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off December's high, the reaction low crossing is the next downside target.

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