End of a slump? After four successive days of depreciation, Coffee was up 70 cents Friday

Friday at a glance: ICE Coffee rose 70 cents to close at $170.5 per pound Friday which makes for a move of 0.41%.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Having crossed its lower Bollinger Band® at $170.73, Coffee could be headed for a downward correction.

Overall, looking at the technical analysis landscape, it seems the Coffee future is likely to reverse course and start pointing down in the short term.

This rally in Coffee's price coincides with other Softs as Sugar moves up 1.55% Friday and closed at $21.96. Cocoa is trading around $2,931 after ending Friday's session at $2,917 (up 0.48% today).

Meanwhile, Cotton lost 0.8% Friday and closed at $83.5.