NIFTY EOD Analysis as on 27th July 2010

 Today a green candle was formed. Volume was higher than last day showing buying pressure. But, NIFTY is making lower highs since the hanging man candle was made 2 trading-days back. NIFTY is lying in support line now. Either it will move up from here and in case bears jump in we might go down.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5390 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) Making Lower lows.

Though the previous 3 candle resembled an evening star pattern, we did not get confirmation that this is actually a reversal. A close below the pivot level and the support line is needed.

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