The document provides a technical analysis of the QE Index, Al Rayan Islamic Index, and key stocks to consider in Qatar. It analyzes the short-term trends as neutral for the two indexes. Masraf Al Rayan's short-term trend is identified as a downmove. The document then reviews recent price movements and establishes support and resistance levels for 13 stocks across various sectors. Key stocks suggested for consideration today are Masraf Al Rayan, Widam Food Co., and Al Meera Consumer Goods Co. based on their technical trends and patterns.

1. TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Neutral
Al Rayan Islamic Index: Short-Term – Neutral
Masraf Al Rayan: Short-Term – Downmove
The QE Index tagged a new 52-week high of 10,519.06, surpassing
its previous best of 10,496.89 but later reversed to close at
10,457.12. The important support to watch out for traders is the
10,445.44 level. A dip below this level may witness selling pressure
and may pull the index further down toward 10,400.0. On the flip side,
if the index manages to cling on to the 10,445.44 level on a closing
basis, it may proceed ahead to test the 10,500.0 level.
The QERI Index declined around -0.04% to close the session at
3,064.80. The index momentarily managed to move above the
resistance near 3,071.0, but later retreated as sellers pushed prices
lower. We believe the index is currently going through a consolidation
phase and may oscillate in a range of 3,071.0 on the upside and
3,048.0 on the downside. Only a move above or below these levels
may decide the next direction of the index.
MARK is underperforming and has been moving down over the past
few days since topping the rally near QR35.0. The stock is currently
sitting right at its support of QR33.50. We believe with both the
momentum indicators pointing lower MARK may not be able to hold
on to its support of QR33.50 and may drift lower to test its next
support at QR32.85. However, if MARK manages to cling on to
QR33.50 it may stand a chance of moving toward QR34.15.
Al Meera Consumer Good Co.: Short-Term – Downmove
Widam Food Co.: Short-Term – Breakout
Ooredoo: Short-Term – Downmove
MERS penetrated below the key support of QR133.90 for the first
time since November after developing a bearish Marubozu candle
pattern on Tuesday. The stock is trending weak on the charts and
may move down to test QR133.40. Moreover, the RSI is moving
further down from the mid-line, while the MACD has converged with
the signal line in the negative territory. However, if the stock manages
to climb above QR133.90, it may halt its downmove.
WDAM cleared the long-term resistance of QR52.0 for the first time
since September after consolidating below it for multiple weeks.
Notably, volumes were also large on the breakout indicating rising
buying interest. The stock is currently sitting right at its next resistance
of QR53.0. We believe if WDAM manages to cling on to this level on
a closing basis it may advance toward the August high of QR54.0.
However, a dip below QR53.0 may result in consolidation.
ORDS dipped below the long-term support of QR136.0 after failing to
make any further headway above the resistance of QR138.0.
Moreover, the stock developed a bearish Marubozu candle pattern
indicating a likely lower move. We believe the stock may move lower
and test its next support at QR133.90 as it has little support until then.
Meanwhile, the RSI is moving lower, while the MACD is turning more
bearish. However, traders may watch for QR136.0 for any reversal.
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2. Name (Ticker)
Last Close
Trend
Short Term
Support
Long Term
First
Resistance
Second
First
Second
Qatar Exchange Index (QE Index)
10,457.12
UP
UP
10,445.44
10,400.00
10,550.00
10,580.00
Al Rayan Islamic Index (QERI Index)
3,064.80
UP
UP
3,048.00
3,036.00
3071.00
3,100.00
Masraf Al Rayan (MARK QD)*
33.50
UP
UP
32.85
32.35
34.15
34.90
Commercial Bank of Qatar (CBQK QD)
70.70
UP
UP
70.50
70.00
70.90
71.50
Doha Bank (DHBK QD)
57.30
UP
UP
56.90
56.40
58.20
59.00
Qatar Islamic Bank (QIBK QD)
70.00
UP
UP
69.00
68.25
70.30
70.90
Qatar International Islamic Bank (QIIK QD)
61.00
UP
UP
60.10
59.80
61.20
62.00
Qatar Insurance (QATI QD)
67.30
UP
UP
66.50
65.90
67.50
67.90
National Leasing Holding Co. (NLCS QD)
31.10
DOWN
DOWN
31.00
30.60
31.45
32.00
Widam Food Co. (WDAM QD)*
53.00
UP
UP
52.00
51.20
54.00
54.50
Al Meera Consumer Goods Co. (MERS)*
133.70
DOWN
DOWN
133.40
132.00
133.90
134.50
Industries Qatar (IQCD QD)
168.90
UP
UP
168.10
167.00
170.00
171.00
Qatar Electricity & Water Co. (QEWS QD)
168.00
UP
UP
167.00
165.80
169.00
169.80
Gulf International Services (GISS QD)
59.60
UP
UP
59.00
58.50
59.80
60.00
Qatari Investors Group (QIGD QD)
40.45
UP
UP
40.40
39.50
41.50
42.20
Barwa Real Estate Co. (BRES QD)
30.90
UP
UP
30.10
29.70
31.40
31.90
United Development Co. (UDCD QD)
23.06
DOWN
UP
22.85
22.40
23.34
23.55
Ooredoo (ORDS QD)*
135.70
UP
DOWN
133.90
132.00
136.00
138.00
Vodafone Qatar (VFQS QD)
11.46
UP
UP
11.44
11.19
11.70
11.85
Nakilat (QGTS QD)
21.13
UP
UP
21.07
20.60
21.32
21.44
Milaha (QNNS QD)
86.00
DOWN
FLAT
85.00
84.10
86.50
87.30
Banks and Financial Services
Banks and
Consumer Goods and Services
Consumer G
Industrials
Industrials
Real Estate
Real Estate
Telecom
Telecom
Transportation
Transportat
*These stocks are today’s suggested ideas
Overall Methodology: The charts and descriptions on Page 1 provide an indicative view of the future direction of the equities mentioned. The table on page 2 has been provided to denote historical movements in certain stocks. The historical trend analysis uses 21- and 55day SMAs for indicating short-term and long-term trends, respectively. Based on these SMAs, the historical direction of the trend is denoted as UP, DOWN or FLAT.
Selection of Key Stocks of the Day: Key stocks’ selection is based on our analysis of 19 members of the QE Index (excludes QNBK QD). Analysis includes identifying trends (short-term as well as long-term), patterns and support/resistance levels.
Trend Direction: The methods used to determine trend direction are subjective in nature. We use 21-day SMA and 55-day SMA, absolute price movements, price movements relative to SMAs and accurately drawn trend lines and chart patterns to determine the short- and
long-term trends.
Investment Horizon: The definition of short term and long term depends upon investors’ preferences and their investment objectives. As a rule of thumb, the time horizon for traders/short-term trend is 1-3 weeks while it is 1-3 months for investors/long-term trend.
Combining Technical and Fundamental Analysis: Investors can combine technical analysis (TA) with fundamental analysis (FA) to maximize their investment returns. While the “True Value” of stocks could be estimated by FA, the entry and exit timings could be fine
tuned using technical analysis to benefit from short-term movements in stock prices.
Trading Tactics: The trend direction should be analyzed based on the time-horizon of your investments. In general, investors attempt selling close to resistance levels during a downtrend and attempt buying close to support levels during uptrend.
Definitions:
1>
Simple Moving Average (SMA): A SMA is the average of the closing price of a security for a given period.
2>
RSI (Relative Strength Index): A technical momentum indicator that ranges from 0 to 100 and compares the stock’s recent price movements by evaluating recent gains and losses. Stocks with RSI above 70 could be considered overbought and below 30 could be
considered oversold. If the RSI falls below 70, it is a bearish signal. On the other hand, if the RSI rises above 30 it is considered bullish. We use a RSI of 14 days.
3>
MACD (Moving Average Convergence Divergence): MACD denotes the relationship between two moving averages, which is used to spot changes in strength, direction, momentum and duration of a stock price trend. The MACD is calculated by subtracting the 26-day
exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, is also plotted on top of the MACD, functioning as a trigger for buy/sell signals. The MACD line above the signal line provides a positive signal and vice versa.
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
QNB Financial Services SPC
Head of Research
Tel: (+974) 4476 6534
saugata.sarkar@qnbfs.com.qa
Head of Trading
Tel: (+974) 4476 6535
ahmed.shehada@qnbfs.com.qa
Head of Sales
Tel: (+974) 4476 6533
keith.whitney@qnbfs.com.qa
Manager - HNWI
Tel: (+974) 4476 6544
sahbi.alkasraoui@qnbfs.com.qa
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts, 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. 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.
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