SOYBEANS - WEEKLY CONTINUATION CHART: See how the recent upmove has tested dual resistance from a bull channel top projection and 76.4% retracement level at 1453.75. Reaction here has, not surprisingly, been negative.

The 1291.25 2009 high has provided s/term support, but will it hold?

SOYBEANS - DAILY CHART MAY-11:

The pullback from resistance around the 1.618 swing projection off the prior Nov setback, at 1463, has breached s/term support from the 1356.00 09-Nov high, but so far been held by the projected channel base.

With important resistance seen on the Weekly continuation chart above there is a good chance that s/term strength will be temporary, ahead of further bear pressure.

A subsequent break of the channel base would signal loss of momentum, inviting a challenge to the 1254.00 38.2% pullback level before focus can shift to lower targets.