The document provides a daily technical analysis report on stocks traded on the Qatar Stock Exchange. It includes commentary on index levels and individual stocks, along with charts and technical indicators. Some key points: - The QSE index created a reversing candlestick pattern that suggests a potential correction if the index closes below 12,500. Support is expected at 12,350. - Two stocks, QFLS and QIGD, are analyzed in more detail. Technical analysis suggests QFLS may rise further if it breaks above 219 and QIGD's recovery could continue if it breaks above 40.40. - A section includes daily market indicators, index levels and movements, and a list of overbought and

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Daily Technical Trader – Qatar
Monday, 09 February 2015
Stocks Covered Today
Ticker Price Target
QFLS 218.00 224.00
QIGD 40.35 42.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,623.93 0.8 22.5
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,800 12,900 13,000
Support 12,600 12,350 12,250
QSE Index Commentary
Overview:
The QSE Index created a Hanging Man
Doji candle, which is a reversing candle
that has to be confirmed. This
confirmation comes from a closing below
12,500. If such a scenario takes place,
then a correction could be unfolding. Such
a correction is expected to take the Index
back to its previous resistance, which is
now support, at 12,350.
Expected Resistance Level: 12,600
Expected Support Level: 12,350
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 08 Feb 15 05 Feb 15 %Ch.
Value Traded (QR mn) 1,133.0 883.9 28.2
Ex. Mkt. Cap. (QR bn) 681.3 676.1 0.8
Volume (mn) 40.3 28.1 43.4
Number of Trans. 11,302 10,641 6.2
Companies Traded 41 41 0.0
Market Breadth 29:9 26:13 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,948.10 0.8 66.4
All Share Index 3,263.76 0.9 68.1
Banks 3,258.87 0.0 60.3
Industrials 4,095.93 1.0 65.5
Transportation 2,461.37 1.1 73.1
Real Estate 2,582.06 2.8 74.5
Insurance 3,919.57 1.5 61.3
Telecoms 1,440.79 1.9 60.3
Consumer 7,351.32 -0.2 65.4
Al Rayan Islamic 4,471.13 1.8 73.3
RSI 14 (Over Bought)
Ticker Close 1D% RSI
AHCS 19.00 8.3 83.2
QNCD 145.00 0.0 76.1
ERES 17.00 3.0 75.3
VFQS 18.55 8.2 73.8
BRES 51.10 4.3 71.6
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QFLS
Price % Ch. Volume
Last 218.00 0.14 44,502
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 219.00 224.00 229.00
Support 216.00 214.00 204.00
Commentary
Overview:
Technical indicators suggest that the
name can extend its move upward if it
breaks the QR219.00 level. The MACDs
are both above the zero line, which means
there is further bullish momentum to
come. The RSI is also in the positive and
is yet to reach the overbought area.
Expected Target Price: QR224.00 –
QR229.00
A break above QR219.00 is needed to
trigger a long position on the stock.
Suggested Stop-Loss Price: QR216.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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QIGD
Price % Ch. Volume
Last 40.35 2.67 196,734
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 40.40 42.00 44.40
Support 39.00 38.00 37.40
Commentary
Overview:
The name stabilized above Q37.00 and
the price is showing signs of recovery.
The MACD is about to break above the
zero line on the daily frame, which could
create a positive price move and is
already above the zero line on the
intraday chart. In addition, the RSI
oscillator is bouncing off the neutral area
on both time frames.
Expected Target Price: QR42.00 –
QR44.40
Accumulating at these levels is a good
idea but ideally, we should wait for a price
break above QR40.40 to go long.
Suggested Stop-Loss Price: QR38.80
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intraday 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 12,623.93 12,446.54 12,504.32 12,540.02 12,597.80 12,655.58 12,691.28 12,749.06 12,149.70 12,926.11 12,992.29
Total Return 18,948.10 18,681.85 18,768.57 18,822.15 18,908.88 18,995.60 19,049.18 19,135.91 18,132.90 19,285.05 19,380.03
All Share 3,263.76 3,225.36 3,237.78 3,245.45 3,257.86 3,270.28 3,277.95 3,290.36 3,112.34 3,288.98 3,299.78
Al Rayan Islamic 4,471.13 4,388.00 4,412.18 4,427.13 4,451.32 4,475.50 4,490.45 4,514.64 4,095.56 4,357.19 4,372.36
Banks & Financials Services
MARK 50.50 49.30 49.87 50.23 50.80 51.37 51.73 52.30 45.12 48.96 51.15
CBQK 70.00 69.27 69.65 69.88 70.27 70.65 70.88 71.27 67.87 70.33 69.19
DHBK 58.90 58.10 58.33 58.47 58.70 58.93 59.07 59.30 56.59 57.92 59.42
QIBK 109.20 107.13 108.24 108.93 110.03 111.14 111.83 112.93 102.36 107.48 104.11
QIIK 85.00 83.67 84.09 84.35 84.77 85.19 85.45 85.87 80.23 83.97 84.58
Insurance
QATI 88.80 87.87 88.17 88.36 88.67 88.97 89.16 89.47 85.85 91.85 88.25
Consumer Goods & Services
MCGS 129.30 125.17 126.47 127.27 128.57 129.87 130.67 131.97 119.92 124.20 111.60
Industrials
IQCD 155.00 153.33 153.91 154.26 154.83 155.41 155.76 156.33 164.26 178.04 179.97
QEWS 199.10 196.50 197.26 197.74 198.50 199.26 199.74 200.50 188.42 188.64 187.28
GISS 109.10 104.83 106.48 107.49 109.13 110.78 111.79 113.43 96.53 109.06 106.17
QIGD 40.35 38.52 39.05 39.38 39.92 40.45 40.78 41.32 39.83 46.26 53.40
Real Estate
BRES 51.10 49.17 49.72 50.06 50.62 51.17 51.51 52.07 43.67 43.89 42.02
UDCD 25.15 24.62 24.86 25.02 25.27 25.51 25.67 25.92 23.97 25.88 26.28
ERES 17.00 15.89 16.24 16.46 16.80 17.15 17.37 17.71 15.20 17.31 20.75
MRDS 21.70 20.50 20.92 21.18 21.60 22.02 22.28 22.70 19.48 21.58 20.94
Telecommunication
ORDS 114.50 113.70 114.16 114.44 114.90 115.36 115.64 116.10 116.30 121.61 129.39
VFQS 18.55 16.30 17.00 17.43 18.13 18.83 19.26 19.96 15.82 18.11 18.77
Transportation
QGTS 24.50 23.67 23.95 24.13 24.42 24.70 24.88 25.17 23.03 23.65 23.70
QNNS 105.70 103.03 103.84 104.33 105.13 105.94 106.43 107.23 97.22 97.72 96.15
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
in this report. This report may not be reproduced in whole or in part without permission from QNBFS.