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Daily Technical Trader – Qatar
Monday, 19 January 2015
Stocks Covered Today
Ticker Price Target
MPHC 27.50 28.35
MARK 45.15 48.40
QSE Index
Level % Ch. Vol. (mn)
Last 11,916.42 0.5 5.9
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,000 12,250 12,430
Support 11,850 11,600 11,480
QSE Index Commentary
Overview:
The QSE Index is stabilizing even further
in a tight range. Until proven otherwise,
we reiterate our overall bearish view on
the Index as the SMAs remain above the
Index; the MACD is below the zero line
and the Index is trading below a medium-
term uptrend line.
From the intraday perspective, there is a
possibility that the Index moves higher.
This move is confirmed once the Index
breaks above 12,000, which is the upper
side of the triangle denoted by the dashed
red line in the 30-minute chart. Technical
indicators are idle and await a stronger
move to determine the upcoming short-
term momentum.
Expected Resistance Level: 12,350
Expected Support Level: 11,850
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 18 Jan 15 15 Jan 15 %Ch.
Value Traded (QR mn) 312.3 417.3 -25.2
Ex. Mkt. Cap. (QR bn) 650.1 647.8 0.4
Volume (mn) 6.6 7.5 -12.0
Number of Trans. 4,519 5,256 -14.0
Companies Traded 41 40 2.5
Market Breadth 21:16 19:18 –
QE Indices
Market Indices Close 1D% RSI
Total Return 17,773.23 0.5 43.7
All Share Index 3,057.65 0.3 44.0
Banks 3,173.85 0.6 48.6
Industrials 3,742.49 0.0 36.8
Transportation 2,311.75 -1.5 53.2
Real Estate 2,219.58 1.0 45.1
Insurance 3,735.47 -0.3 47.0
Telecoms 1,390.71 0.7 45.5
Consumer 6,964.20 0.1 50.8
Al Rayan Islamic 4,012.02 0.8 46.0
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
IQCD 146.10 0.8 29.3
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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MPHC
Price % Ch. Volume
Last 27.50 -0.18 209,909
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 28.00 28.40 29.20
Support 27.00 26.00 25.00
Commentary
Overview:
Although the general trend is down, the
name stabilized above QR27.00 and could
rise further. Such a rise may be short lived
but traders could still take advantage of
the opportunity. The name retraced back
to the 61.8% Fibonacci retracement,
which proved to be strong support for the
past three sessions. That said; a break
above the downtrend line (denoted in red)
is crucial for the bounce to take place.
Expected Target Price: QR28.35 –
QR29.00
A break above QR27.50 is needed to
trigger the buy recommendation.
Suggested Stop-Loss price: QR27.30
A break below the level suggests the
downtrend may continue.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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MARK
Price % Ch. Volume
Last 45.15 1.35 386,588
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 46.00 46.40 48.40
Support 48.50 43.55 42.00
Commentary
Overview:
The Shari’a compliant bank tried to break
above the downtrend line (denoted in red)
for the third session in a row but failed to
do so. Although it is a strong resistance
line, a break above it means the name is
gaining strength and the rise could
continue. Technical indicators show
strength on the daily chart supporting the
bull case. On the other hand, the intraday
chart suggests possible profit booking
over the short term. Thus, we have to wait
for a break above the QR46.00 level to
initiate our buying recommendation.
Expected Target Price: QR48.40
Only a sustained break above QR46.00
will trigger the buy recommendation.
Suggested Stop-Loss price: QR44.50
A break below the level suggests the
failure to break above the downtrend line
and the price is expected to drop lower.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intra-day Fibonacci Support and Resistance Levels Daily Moving Averages
Support Levels Resistance Levels
Ticker Close 3
rd
2
nd
1
st
Pivot 1
st
2
nd
3
rd
50 SMA 100 SMA 200 SMA
QSE Index 11,916.42 11,876.62 11,894.10 11,904.90 11,922.38 11,939.86 11,950.66 11,968.14 12,648.20 13,192.10 12,998.29
Total Return 17,773.23 17,713.87 17,739.94 17,756.05 17,782.12 17,808.19 17,824.30 17,850.37 18,864.66 19,675.89 19,383.78
All Share 3,057.65 3,046.12 3,050.74 3,053.59 3,058.21 3,062.83 3,065.68 3,070.30 3,223.92 3,347.73 3,301.21
Al Rayan Islamic 4,012.02 3,969.40 3,982.93 3,991.28 4,004.81 4,018.34 4,026.69 4,040.22 4,246.49 4,447.91 4,350.48
Banks & Financials Services
MARK 45.15 44.42 44.74 44.94 45.27 45.59 45.79 46.12 46.29 50.45 50.89
CBQK 67.50 66.83 67.02 67.14 67.33 67.52 67.64 67.83 69.75 70.81 69.10
DHBK 57.00 56.13 56.44 56.63 56.93 57.24 57.43 57.73 57.01 58.49 59.69
QIBK 107.10 105.23 106.07 106.59 107.43 108.27 108.79 109.63 103.45 109.59 101.99
QIIK 79.30 77.10 77.79 78.21 78.90 79.59 80.01 80.70 81.87 85.30 84.36
Insurance
QATI 84.00 82.33 83.10 83.57 84.33 85.10 85.57 86.33 88.92 93.73 87.07
Consumer Goods & Services
MCGS 124.00 122.33 122.91 123.26 123.83 124.41 124.76 125.33 121.65 125.34 107.98
Industrials
IQCD 146.10 144.03 144.99 145.58 146.53 147.49 148.08 149.03 177.89 184.16 182.55
QEWS 189.00 187.27 188.26 188.87 189.87 190.86 191.47 192.47 187.40 187.57 186.25
GISS 97.40 94.80 96.18 97.02 98.40 99.78 100.62 102.00 102.66 111.96 105.20
QIGD 38.95 37.82 38.14 38.34 38.67 38.99 39.19 39.52 42.33 49.21 54.88
Real Estate
BRES 42.95 41.45 41.89 42.16 42.60 43.04 43.31 43.75 45.00 43.13 41.36
UDCD 23.89 23.38 23.54 23.64 23.81 23.97 24.07 24.24 24.70 26.61 26.07
ERES 14.42 14.28 14.34 14.39 14.45 14.51 14.56 14.62 16.41 17.95 21.28
MRDS 19.05 18.42 18.65 18.79 19.02 19.25 19.39 19.62 20.45 22.24 20.78
Telecommunication
ORDS 117.40 116.87 117.13 117.30 117.57 117.83 118.00 118.27 117.69 123.32 131.64
VFQS 14.75 14.62 14.68 14.72 14.78 14.84 14.88 14.94 16.80 18.95 18.62
Transportation
QGTS 23.37 22.91 23.12 23.26 23.47 23.68 23.82 24.03 23.22 23.76 23.50
QNNS 98.00 97.33 97.52 97.64 97.83 98.02 98.14 98.33 97.97 96.89 95.74
Source: Bloomberg, QNBFS Research; Note: Numbers in Italics denote moving averages that are above the given index level/stock price

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Definitions:
Candlestick: A chart that displays the high, low, opening and closing prices for a security in a single period. The body of the candle is made up by the opening
and the closing prices, i.e., the taller the body the greater the range between these two prices and vice versa. A colored candle denotes a closing price that is
lower than the opening price, while a white candle shows the opposite. The candlestick's shadows or wicks show the period's high and low prices and how they
compare to the opening and closing price. In general, the shape of the candle will vary upon the positions of the period's high, low, opening and closing prices.
Support: A level that could cause more buyers to step in in order to prevent the security from falling or causing the security price to head higher.
Resistance: An inverse of a support level. A resistance area or level could cause more sellers to step in in order to prevent the security from rising or causing the
security price to head lower.
SMA (Simple Moving Average): Is an arithmetic average, which calculates the average price of a security over a defined number of periods and is thus
considered a lagging indicator. SMAs used in our analysis refer to closing prices. In general, SMAs serve many purposes, such as a smoothing tool, an indicative
price direction and potential support/resistance levels.
Market Breadth: Breadth indicates the number of securities that have closed higher vs. the number of decliners in a particular exchange.
MACD (Moving Average Convergence/Divergence): Is a trading indicator, which shows changes in the strength, direction, momentum and duration of a trend in
a stock's price through a collection of three time series calculated from historical closing price data.
RSI (Relative Strength Index): Is a momentum indicator that compares a security’s price gains to its losses for a predetermined number of periods (we generally
use 14 periods). The RSI attempts to point out how a security, in relative terms, is in the overbought/oversold zone. Securities with a RSI above 70 could be
considered as overbought, and below 30 could be considered as oversold.
Pattern/Formation: Is a graphical presentation of a security’s price activity over a certain period of time. Formations come in different shapes (such as, head &
shoulders, triangles, flags, and so on). They can be used to identify potential trends, reversal of trends, price targets, entry and exit points, etc.
Fibonacci Retracements: Are horizontal lines that indicate expected areas of support/resistance for a security based on a predetermined price movement. These
levels are usually indicated by Fibonacci ratios of 23.6%, 38.2%, 50.0%, 61.8% and 100% from that particular movement.
Fibonacci Pivot and Intra-day Support/Resistance: A Pivot Point is generally used to formulate expected future support/resistance levels. From the base Pivot
Point, Fibonacci multiples of the high-low differential are added to form resistance levels and subtracted to form support levels.

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Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer,
promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or
indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We
therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that
QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy
and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included
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