Interpreting Stocks - 6th May 2010

NIFTY EOD Analysis as on 6th May 2010

Black candlestick with lower low than yesterday's low. So, the Hammer which was formed yesterday is negated as a reversal signal. Today's candle has a longer lower wick and no upper wick.
MACD is showing -ve bias.(-)
Stochastics is showing -ve bias and has entered oversold area.(-)(~)
EMA5 is below EMA15 (-). EMA5 resistance at 5155(-). EMA 15 resistance at 5218(-).
Slope of EMA 5 is down(-).

Answers for Yesterday
There was no reversal. But, today also a candle with longer lower wick and no upper wick was formed. The candle doesn't look like a hammer, but bulls managed to fight back.

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

World Market Analysis as on 5th May 2010

Interpreting Stocks - 5th May 2010

NIFTY EOD Analysis as on 5th May 2010

 Black candlestick with a long-wick, showing selling pressure. The candle looks like a Hammer in a down trend. Is this a sign of reversal now?
MACD is showing -ve bias.(-)
Stochastics is showing -ve bias and has entered oversold area.(-)
EMA5 is below EMA15 (-). EMA5 resistance at 5190(-). EMA 15 resistance at 5240(-).
Slope of EMA 5 is down(-).

Answers for Yesterday
Hammer like candlestick today. Bears tried to pull NIFTY further down, but in the end bulls came back and the close was near the open. The lower wick looks like twice the size of the real body.

Questions
Can hammer reverse the bearish bias? Let's wait and watch.

World Market Analysis as on 4th May 2010

Interpreting Charts - 4th May 2010