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Coffee - Daily technical Forecast

Coffee closed higher due to short covering on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the 50% retracement level of the May-June rally crossing is the next downside target. Closes above the 20-day moving average crossing would temper the bearish outlook.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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