Interpreting Stocks - 2nd July 2010

NIFTY EOD Analysis as on 2nd July 2010

Red Candle showing selling pressure. The Price closed below
EMA 13.(-)Volume was low today compared to yesterday.
CMF is showing -ve bias compared to yesterday(-).
EMA3 is above above EMA13 (+).
Slope of EMA 13 is flat.(~)  EMA 13 of at 5256 level
EMA13>EMA39.(+)

Answers for Yesterday
Bears had their day today. As each day passes by more bearish sentiments are showing up. As of today the following are the indications of a sell-off in the coming days:
1. Price making lower high.
2. Close was below EMA 13 today.
3. MACD has given crossdown signal.
In my opinion, we should see -ve bias till NIFTY touches 5180 level.
After that, let's see what's in store ahead.

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