Cocoa has been a bullish story for ages now. Worries about disease and structural decline in the main cocoa-producing countries have been in the papers all year. Now their cocoa exports are coming in stronger than expected. The price has just had its third recent run at the 2008 price high, and failed to break it. A drop below a short-term support level yesterday provided the catalyst to sell. Charts (from IG Index and Tradingcharts.com) show approx entry and stop levels.