Technical Analysis For US Coffee
US Coffee CFD closed lower Thursday.
The mid-range close set the stage for a steady opening Friday.
Stochastics and the RSI are Neutral to Bullish signalling that sideways to higher prices possible in the near term.
If Coffee extends Wednesday’s rally, the reaction high crossing is the next Northside target. If the Sept contract renews this Spring’s decline, the 62% Fibo retracement level of this Winter’s rally crossing is the next Southside target.
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations.
Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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