Coffee closed higher due to short covering on Wednesday as it consolidates some of the decline off July's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 50% retracement level of the 2010-2011-rally crossing is the next downside target.
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.
