Interpreting Stocks : 15th July 2010

NIFTY EOD Analysis as on 15th July 2010

 Today, also the twezeer top acted as a resistance. Yesterday's candle looks a bit like shooting star in an uptrend. Now, we need to close below the support level at 5360 level for reversal.
Volume was lower than yesterday. Supply is reducing at support?
Stochastics is showing -ve bias.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5326 level
EMA13>EMA39.(+)

Answers for Yesterday
Todays Bearish Signals:
1. Lower high and lower low candle after yesterday's shooting star like candle.

Now, the supply is reducing as NIFTY is approaching the support level. After yesterday's shooting star like candle, bears should have jumped in the wagon, but today the bearish interest was less and it couldn't break the support level. Anyways, we need to be cautious and see whether bears can support the formation of spinning top candle with another bearish confirmation and also break the support level. Otherwise, we are going to see higher levels now.

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