Coffee - technical Outlook

By IBTimes Staff Reporter | January 21 2010 3:40 AM

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Coffee closed lower on Wednesday as it extended last Friday's decline below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, December's low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the near-term bearish outlook in the market.

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