Interpreting Stocks : 8th July 2010

NIFTY EOD Analysis as on 8th July 2010

 Today, a big green candlestick is formed with slightly higher volume than yesterday, but overall the volume has been low.
MACD is showing that the market is weak. It turned up a bit today, let's see if it can move up again.
EMA3 is above EMA13 (~).
Slope of EMA 13 is flat.(~)  EMA 13 is at 5261 level
EMA13>EMA39.(+)

Answers for Yesterday
Todays Bearish Signals:
1. MACD is below the signal line till now.
2. Was not able to break the resistance level at 5300, inspite of DOW hitting almost 2.5+% up yesterday.
NIFTY really needs to break the resistance at 5300 level to move up. Today also, the resistance proved barrier as NIFTY failed to move higher. Also, volume has been lower than average showing that there is not much enthusiasm till now to move up.

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