The impressive crash in Cocoa #7 (CAN24), which started on April 25, had certainly been anticipated on the first move below the 10-unit exponential moving average (EMA). It has been without fail the most reliable entry point in this historical record run for cocoa since the start of September 2023.
No doubt the bears are in charge short term, as prices are trading below all the 10, 20, and 50 EMAs but approaching strong support at 5,990. Watch out for this level in the next sessions.
