ASI must hold the present low of 6042

After many trend failures and sell offs, ASI recovered again from a low of 6042. That is the level the index should trade above. If not the trend will retrace further. The upside we saw today will test the range between 6200 and 6272, before we see any change. It could even test 6300 which is a psychological level, before a retracement is to take place. If the trend reverses from the up then we will see the support levels of 6200, 6150 or 6100 being tested. However it can not come down below 6042 for the trend continuation is sustained to the up. If the 6042 level is not going to be supported then we will see a steeper fall testing 5900 to 5800 levels.