Interpreting Charts - 3rd May 2010

NIFTY EOD as on 3rd May 2010

  Black candlestick, showing selling pressure. A Variation of Falling three/two methods? Is this a sign of bearish continuation ?
Stochastics is -ve bias.(-)
MACD is -ve bias.(-)
EMA5 is below EMA15. (-). EMA5 resistance at 5250(-). EMA 15 resistance at 5264(-).
Slope of EMA 5 is down.(-)

Answers for Yesterday
Bears broke the support level at 5230 and closed just below it. The close was just at the trendline. If this support is broken, then the bears will push the prices more downward. Also, there is support of EMA 50 line at 5200.

Questions
Will bears continue with  their ride? Let's wait and watch.