Interpreting Stocks : 7th July 2010

NIFTY EOD Analysis as on 7th July 2010

Today, a big red candlestick is formed with slightly higher volume than yesterday, but overall the volume has been low.
MACD is showing that the market is weak and probably will head lower.
All depends on global cues as of now.
EMA3 is below EMA13 (~).
Slope of EMA 13 is flat.(~)  EMA 13 is at 5256 level
EMA13>EMA39.(+)

Answers for Yesterday
Todays Signals:
1. Price again fell back today due to selling pressure in the global market.
2. MACD has given crossdown signal and falling.
Market looks weak unless and until it breaks 5300 level with good volumes. For now, if bears have their way, immediate support is seen at 5180 level.

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