As everyday passes NIFTY shows more and more bearish indicators.
A. First bearish reversal , Three Black Crows, was generated during 1st week of May .
B. Again Three Black Crows Second indicator appeared of during on 22-23-26 May
C. Today (29-05-2008) candle showed bearish engulfing pattern, and the mood is confirmed by the amount of (E) volume which is higher than average. (However, the reason for such high volume can be assigned to the settlement day)
D. Today 20 Day EMA (Red line) has crossed under 50 day EMA (Blue line), which indicates downturn.
F. MACD has been in negative with negative divergence.
G. Accumulation/Distribution indicator clearly reveals continuous intense distribution.