$INTCB 7 hit a new daily low. The current price is 104.88, and the previous low was 105.27.
After a new low, price action commonly follows one of three patterns:
① It bounces to the previous low and gets pushed back down: weakness continues
② It moves sideways near the previous low: consolidation while the market decides on a direction
③ It quickly recovers the previous low and holds above it: a bear trap
It’s currently below the previous low, so first I’m watching to see whether it follows pattern ① or ②.
Just my personal notes—not investment advice.
After a new low, price action commonly follows one of three patterns:
① It bounces to the previous low and gets pushed back down: weakness continues
② It moves sideways near the previous low: consolidation while the market decides on a direction
③ It quickly recovers the previous low and holds above it: a bear trap
It’s currently below the previous low, so first I’m watching to see whether it follows pattern ① or ②.
Just my personal notes—not investment advice.