Interpreting Stocks : 14th July 2010

NIFTY EOD Analysis as on 14th July 2010

 Yesterday, it was a tweezer top candle formation. Now, today, we have a red candle with long upper wick and small lower wick. The close was at the tweezer top level. Is this a reversal signal? Let's see
Volume was higher than yesterday, showing that bears are joining in.
MACD is showing +ve bias and moving up as of now. But, it is a lagging indicator, so don't give much weight to it now. Tomorrow is going to be important day for confirmation of bears or bulls.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5317 level
EMA13>EMA39.(+)

Answers for Yesterday
Todays Bearish Signals:
1. Candle stick with big upper wick and smal lower wick. Formed a tweezer top pattern yesterday.
2. High Volume at top.

NIFTY gave some -ve bias today. Like, after yesterday's tweezer top, today, it couldn't sustain the hgih of the day and the close was almost near the day's low and near the support line. We need confirmation now to see whether bears are realy IN now. A break below the support level will strengthen bearsish side in this tug of war.

Questions
Can bears break below the suport level? Let's wait and watch.