COFFEE Futures close lower on Thursday as it extended this week's decline below the 20day moving average. The lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signalling that additional weakness is possible. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm 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.