- The document provides a daily technical analysis report on stocks traded in Qatar. It analyzes the performance of the QSE Index and covers two stocks, ORDS and UDCD. - For the QSE Index, it notes that trading activity dropped but the index was flat, remaining in a range-bound movement. It identifies key resistance and support levels. - For each stock, it provides an overview of the technical indicators and recent price action. It identifies key resistance and support price levels and gives recommendations on entry and exit points. - Additional sections provide market summaries, index performance, moving average levels and definitions for technical analysis terms mentioned in the report.

1. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 1 of 6
Daily Technical Trader – Qatar
Thursday, 31 March 2016
Stocks Covered Today
Ticker Price Target
ORDS 90.00 93.40
UDCD 19.52 20.23
QSE Index
Level % Ch. Vol. (mn)
Last 10,312.88 -0.04 5.1
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,400 10,500 10,700
Support 10,250 10,000 9,800
QSE Index Commentary
Overview:
Traded activity dropped in the general
market, keeping the Index flat and
confirming the range bound movement
we mentioned in previous reports. It is
vital that the Index stays above the
10,000 level because breaking below that
might create Head and Shoulders reversal
pattern.
Expected Resistance Level: 10,400
Expected Support Level: 10,250
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 30 Mar 29 Mar %Ch.
Value Traded (QR mn) 322.0 392.0 -17.9
Ex. Mkt. Cap. (QR bn) 550.7 551.3 -0.1
Volume (mn) 8.0 10.7 -25.2
Number of Trans. 5,240 5,664 -7.5
Companies Traded 38 38 0.0
Market Breadth 10:24 27:9 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,619.12 0.1 61.4
All Share Index 2,865.54 0.0 67.1
Banks 2,793.88 -0.2 57.3
Industrials 3,160.16 -0.2 67.9
Transportation 2,538.31 -0.4 67.6
Real Estate 2,522.07 -0.2 65.8
Insurance 4,483.92 1.6 54.6
Telecoms 1,152.21 1.7 69.1
Consumer Goods 6,636.00 0.6 76.4
Al Rayan Islamic 4,030.03 -0.3 72.3
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QIGD 54.00 -0.9 84.3
ABQK 47.80 0.0 71.6
QNCD 87.90 -0.3 70.3
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

2. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 2 of 6
ORDS
Price % Ch. Volume
Last 90.00 2.27 315,059
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 90.00 93.40 95.00
Support 85.00 82.00 79.00
Commentary
Overview:
The name has accumulated many positive
signs pointing at a probable bullish
breakout. We see the Golden Cross of the
faster moving SMAs above the slower
ones. Moreover, the MACD is pointing
upwards and above the zero line. In
addition, there might be a bullish reverse
Head and Shoulders price formation.
Expected Target Price: QR93.40 – QR95.00
A price breakaway above QR90.00
triggers the buy recommendation.
Suggested Stop-Loss Price: QR85.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

3. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 3 of 6
UDCD
Price % Ch. Volume
Last 19.52 0.10 614,516
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 19.70 20.23 20.95
Support 19.00 18.75 18.00
Commentary
Overview:
We gave a sell recommendation on the 2
nd
of this month. Name dropped to our
second target and way below after the
distribution of QR1.25 in cash dividend.
This could be the time to buy the name
again, it corrected to the 50% Fibonacci
level and momentum has been stabilizing
and could be picking up.
Expected Target Price: QR20.23 – QR20.95
A price breakaway above QR19.70
triggers the buy recommendation.
Suggested Stop-Loss Price: QR19.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

4. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 4 of 6
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 10,312.88 10,240.31 10,263.68 10,278.12 10,301.50 10,324.87 10,339.31 10,362.69 9,843.93 10,026.59 10,857.78
Total Return 16,619.12 16,502.17 16,539.84 16,563.11 16,600.78 16,638.45 16,661.72 16,699.39 15,523.63 15,696.23 16,932.26
All Share 2,865.54 2,843.55 2,851.42 2,856.28 2,864.15 2,872.02 2,876.88 2,884.75 2,654.74 2,688.55 2,903.17
Al Rayan Islamic 4,030.03 3,983.90 4,007.14 4,021.50 4,044.74 4,067.98 4,082.34 4,105.58 3,611.94 3,699.87 4,097.85
Banks & Financials Services
MARK 35.80 35.47 35.62 35.71 35.87 36.02 36.11 36.27 34.96 35.85 39.95
CBQK 41.90 41.37 41.52 41.61 41.77 41.92 42.01 42.17 42.68 44.29 49.83
DHBK 36.90 36.43 36.59 36.68 36.83 36.99 37.08 37.23 38.51 41.32 46.44
QIBK 103.20 102.13 102.74 103.12 103.73 104.34 104.72 105.33 97.73 103.11 107.61
QIIK 67.20 66.53 66.88 67.09 67.43 67.78 67.99 68.33 67.77 66.69 71.75
Insurance
QATI 81.90 77.83 79.06 79.81 81.03 82.26 83.01 84.23 75.88 73.30 77.61
Consumer Goods & Services
MCGS 107.00 101.80 104.05 105.45 107.70 109.95 111.35 113.60 100.37 111.98 142.99
Industrials
IQCD 107.80 106.33 106.87 107.20 107.73 108.27 108.60 109.13 103.92 104.76 117.65
QEWS 200.00 199.07 199.60 199.93 200.47 201.00 201.33 201.87 194.98 200.90 208.39
GISS 36.55 36.05 36.24 36.36 36.55 36.74 36.86 37.05 36.92 43.89 56.11
QIGD 54.00 50.07 52.13 53.40 55.47 57.53 58.80 60.87 35.34 36.25 42.52
Real Estate
BRES 36.15 35.45 35.81 36.04 36.40 36.76 36.99 37.35 35.12 37.28 42.13
UDCD 19.52 19.01 19.22 19.35 19.56 19.77 19.90 20.11 19.95 20.32 22.30
ERES 18.20 17.93 18.01 18.06 18.15 18.23 18.28 18.37 15.49 15.69 17.02
MRDS 14.00 13.78 13.87 13.93 14.02 14.11 14.17 14.26 11.91 12.79 14.57
Telecommunication
ORDS 90.00 87.20 88.00 88.50 89.30 90.10 90.60 91.40 85.15 78.51 78.42
VFQS 12.28 11.92 12.06 12.15 12.29 12.43 12.52 12.66 11.19 11.57 13.26
Transportation
QGTS 23.40 22.89 23.04 23.13 23.27 23.42 23.51 23.65 22.56 22.92 22.77
QNNS 91.10 90.17 90.43 90.60 90.87 91.13 91.30 91.57 92.19 93.54 95.51
Source: Bloomberg, QNBFS Research; Note: Numbers in Italics denote moving averages that are above the given index level/stock price

5. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 5 of 6
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.

6. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 6 of 6
Contacts:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar Shahan Keushgerian
Senior Research Analyst Head of Research Senior Research Analyst
Tel: (+974) 4476 6535 Tel: (+974) 4476 6534 Tel: (+974) 4476 6509
zaid.alnafoosi@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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.