Soybeans continues to reach higher ground today as prices broke through strong resistance (1339) during extended-hours trading.
At the time of this posting, May Soybeans high is at 1355.50. There is resistance around the 1357 price level based on 62% Fibonacci retracement a previous major range from the major top of February 9th, 2011 to December 14th, 2011.
During the day session, Soybeans has sold off a couple times upon returning to this resistance level. With a weekly and monthly swing top expected at this time, this level is worth keeping an eye on. A break above 1360, however, would indicate that Soybeans is likely to continue even higher above 1375. Major Fibonacci resistance also exists at the 1392 level.
