Soy prepares to pull back

Soy has kept a good bullish trend as shown on the weekly chart to the left, but after it broke above the 200 week exponential moving average, blue line, it lost some of its bullish momentum when it got to the 1200 level. It looks like the commodity wants to pull back from the 1200 level and if it does so, then the same 200 week EMA may act as support. A subsequent bounce to the upside from the 200 week EMA, may complete a breakout-pullback pattern which could have bullish implications. However, if soy breaks above the 1200 level, then its next resistance could be the 1258 level. Below the 200 week EMA, its next support could be the 1000 level.