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Coffee closed higher on Wednesday and spiked above resistance marked by June's high crossing before profit taking tempered early session gains. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. If its extends this week's rally, the 50% retracement level of the 2008-2009-decline crossing is the next upside target.

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