The most common and most likely answer to this crossword clue is the 7 letter word TROUGHS
I've seen this crossword clue in Independent
T
R
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More clues leading to the result TROUGHS
Buddy explains!

The straight part
We know that "low periods" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case low periods = troughs.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does TROUGHS mean?
TROUGHS noun- A long, narrow container, open on top, for feeding or watering animals.
- Any similarly shaped container.
- A short, narrow canal designed to hold water until it drains or evaporates.
- A gutter under the eaves of a building; an eaves trough.
- A channel for conveying water or other farm liquids (such as milk) from place to place by gravity; any ‘U’ or ‘V’ cross-sectioned irrigation channel.
- A long, narrow depression between waves or ridges; the low portion of a wave cycle.
- A linear atmospheric depression associated with a weather front.