A new $ENSO 30-day low. Current price: 0.616; previous low: 0.619.
After making a new low, price commonly moves in one of three ways:
① It rebounds to the previous low and gets pushed back down: weakness continues.
② It trades sideways near the previous low: consolidation as the market decides its direction.
③ It quickly reclaims the previous low and holds above it: a bear trap.
It’s still below the previous low, so for now, let’s see whether it follows ① or ②.
These ideas could be wrong too, so don’t follow them blindly.
After making a new low, price commonly moves in one of three ways:
① It rebounds to the previous low and gets pushed back down: weakness continues.
② It trades sideways near the previous low: consolidation as the market decides its direction.
③ It quickly reclaims the previous low and holds above it: a bear trap.
It’s still below the previous low, so for now, let’s see whether it follows ① or ②.
These ideas could be wrong too, so don’t follow them blindly.