NASDAQ SepNear-term price action continues to move within the range, established between 4118, 01 Sep low and 4303, 03 Sep high, with technicals of the lower timeframes, holding generally neutral tone. Daily structure remains firmly bearish and expects current consolidation to precede fresh leg lower. Today’s fresh acceleration higher, shifts focus towards range top at 4303, reinforced by falling daily 20SMA. Alternative scenario would be triggered in case of violation of the latter and extension to next strong barrier at 4339, 28 Aug lower top, which will neutralize downside risk, in favor of further retracement of 4572/3899 downleg. Initial support is provided by broken rising daily 10SMA, at 4243, ahead of Asian low at 4201 and low of 04 Sep at 4155.
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