$COMP New 24-hour low (has already rebounded above the previous low). Current price: 23.14; previous low: 23.04.
After making a new low, price action commonly follows one of three patterns:
① It rebounds to the previous low, then gets pushed back down: weakness continues.
② It fluctuates around the previous low: a change of hands; watch for direction.
③ It quickly recovers the previous low and holds above it: a false breakdown.
There are signs of ③ now; the key is whether it can hold.
#COMP
After making a new low, price action commonly follows one of three patterns:
① It rebounds to the previous low, then gets pushed back down: weakness continues.
② It fluctuates around the previous low: a change of hands; watch for direction.
③ It quickly recovers the previous low and holds above it: a false breakdown.
There are signs of ③ now; the key is whether it can hold.
#COMP