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Nifty for the week ending 07th October,2022 did not close on positive note on HeikenAshi candlestick charts ,though it did managed to close in green on normal candlestick charts. HeikenAshi candlestick charts use a different formula for calculating opening and closing as compared to normal candlestick. But they do reduce the noise surrounding the price action by considering present and previous normal candlestick price action. Trend and momentum can thus be gauged clearly in HeikenAshi charts as compared to normal candlestick charts.
The levels to watch out for coming week wiil be 17325 on the upside and 17170 on the downside. The close above falling upper trendline in the 15th August,2022 week was not followed up. Nifty even broke below low of 29th August,2022 in the 26th September,2022 week and is trading in the range of 26th September,2022 HeikenAshi candle only. The high and low of that HA candle is 17596 and 17050 which must be watched for further understanding of future direction.
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