Nifty view on weekly charts


1) Nifty has been moving in this downward sloping falling channel over a year , 
Nifty has formed support as well as resistance in multiple locations of this channel. Currently Nifty is at upper edge of this channel & may face strong resistance .

 2) Also Nifty is near 52 week EMA [equal to 200 daily EMA ] becomes strong resistance.

 3) Last week nifty formed Hannging man candle stick [A hanging man is a bearish candlestick pattern that forms at the end of an uptrend. ]

 4) Weekly RSI is at 50 levels , Recently Nifty has reversed its direction whenever weekly RSI is at 50.

 All above 4 things suggests - Nifty may halt bull run and reverse from here.

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