NIFTY EOD Analysis as on 26th July 2010

Red Candle with lower volume than yesterday showing selling pressure, but with decreased enthusiasm. IF NIFTY breaks this price pivot line, then it may go down further, OR if NIFTY bounces back from here, then it might go up from here. Let's see what's ahead.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5384 level.
EMA13>EMA39.(+)

Answers for Yesterday
Today's Bearish Signals:
1) Last 3 candle formation looks like evening star. Previous candle also looked a bit like Hanging Man.
2) The close was at the price pivot line.

NIFTY today fell from open to start and the close was at the day's low. The close point was also at the pivot level. The last 3 candles resembles an evening star pattern which is bearish in nature. If NIFTY breaks the pivot line, then we may head downwards in coming sessions.

Questions
What is going to happen next? Let's wait and watch.