NIfty Weekly Chart 24.05.2013

This is Nifty Weekly chart . A classic example of Support & Resistance .In above chart upper trend line tends to act as support from 2009 to 2011 & there after act as resistance from 2011 to till now .
An engulfing Candle ,Class example of negative divergence in RSI (as highlighted) indicating a bear market is about to start in coming weeks which  may test 5480 as initial tgt n a lower trend line (red color) taking support from 2008 low to recent swing low of 5480 in 2013, as its first support zone , break below this level may start next leg of downside.............