36 NIFTY50 Technical Chart AnalysisNIFTY50 is currently in a high greed zone, attracting investors eager to join the bull rally. Let’s examine the key scenarios expected to play out over the next few days:Chart Analysis:NIFTY50 is currently forming a bull flag pattern within a rising channel—a setup that has historically hinted at potential downside breakouts. While bull flags are often seen as bullish, when they form inside an overextended rising channel, the probability of a reversal increases. Based on current Chart Analysis, this pattern signals a bearish outlook for the near term.Although the last breakout from a similar structure resulted in a 22% gain, this time the risk-to-reward ratio seems unfavorable. A breakdown below the crucial 22,110 level could invalidate bullish expectations and trigger a strong move downward. If NIFTY50 closes below this threshold, Chart Analysis suggests the index could plummet toward the 21,000 zone, reinforcing the bearish outlook.In this context, traders and investors should be cautious. While a surprise upward breakout remains possible, the Chart Analysis leans heavily toward a bearish outlook unless NIFTY50 reclaims higher resistance levels with volume-backed confirmation.Read More CryptoNews: No Shutdown of Staking and No Token Delisting Amid SEC Lawsuit | Notcoin Launching Day | Riding the FTM/USDT Bullish WaveSupport Levels:Strong Support: The $21,000 level is critical. However, in the case of any negative news globally or in the Indian market, prices could potentially reach 20,700 and even 20,200.Fib Retracement Supports:0.5 Fib Support: 20,7170.618 Support: 20,252Keep an eye on these Fib support levels. If the market reaches them, we may witness a strong bounce, which would provide good entry opportunities.Resistance: Watch the rising wedge channel resistance and support closely, as they are crucial indicators.Join TG: https://t.me/OfficialCryptoPatel Follow me on X: https://twitter.com/CryptoPatel
