Do a Bearish Engulfing Candle on Weekly Chart [ CNX NIFTY ] lead a corrective move ???? Or a Range bound movement in the Index is a sign of Accumulation or Distribution???

Weekly Chart

A  Bearish Engulfing Pattern*  with high volume is visible on the weekly chart of the Index.

• Will this Pattern lead to a corrective move?
• Level on the upside that can be seen possibly are 7370, 7400, 7500, 7550.
• Levels on the down side 7300, 7270, 7200, 7100.
• 7500 and 7550 may serve as a strong resistance in the near term
• 7100 may serve as a strong support in the near term.

To negate this pattern , a weekly closing should come above the level of 7500.

*First Candle : A green hanging man shaped candle with a long lower shadow, which closed near its high.
*Second Candle : A red long bodied candle with shadows on the both side.
*First Candle was entirely engulfed by the second candle.

Daily Chart