From TradingView · · 50s
XALUSD Head and Shoulders Pattern Tests Neckline
XALUSD price tests head and shoulders neckline at $2,950, targeting $2,300.
In brief
XALUSD price tests head and shoulders neckline at $2,950, targeting $2,300. XALUSD price is testing $2,950 neckline of head and shoulders pattern, targeting $2,300. Originally reported by TradingView.
Head and Shoulders Pattern
XALUSD price sits on $2,950 neckline of head and shoulders pattern.
Pattern Peaks
Left shoulder peaked near $3,540 in March, head at $3,788 in June, right shoulder near $3,380 in August.
Neckline Target
Projecting $730 from head to neckline targets $2,220 to $2,300, matching April low at $2,297.60.
Supply Story
Chinese primary output grew 3.1% to 3.9 million tonnes in September, exports up 17.2%.
Target Analysis
Indonesia's new smelters ramping up, 6 million tonnes capacity outside China by 2028 could push market into surplus above 1 million tonnes in 2:2027.
The bottom line
XALUSD price is testing $2,950 neckline of head and shoulders pattern, targeting $2,300.
