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INO.com’s Daily Market Analysis

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December coffee closed higher on Friday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, weekly support crossing at 87.60 is the next downside target. Closes above the 50-day moving average crossing at 9.79 is the next upside target.

December cocoa closed lower on Friday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 23.91 would confirm that a short-term top has been posted. If December extends the rally off August's low, July's high crossing at 26.06 is the next upside target.

March sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the reaction low crossing at 11.92 is the next downside target. Closes above the 20-day moving average crossing at 12.53 would confirm that a low has been posted.

December cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 50% retracement level of the April-August-decline crossing at 67.19 is the next upside target. Closes below the 20-day moving average crossing at 62.01 would temper the near-term friendly outlook.