- The QSE Index declined 1.1% in the previous session and is heading toward the 12,000 support level. Technical indicators are pointing downward on both daily and intraday charts. - The report analyzes two stocks - BRES is in a downward tilting trading range and may fall to QR47-46.40. GISS formed bearish candlestick patterns and could drop below QR95, pushing the price down. - Market activity indicators like value traded and volume declined compared to the previous day. The report provides technical analysis and support/resistance levels for these and other stocks.

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Daily Technical Trader – Qatar
Thursday, 12 March 2015
Stocks Covered Today
Ticker Price Target
BRES 48.15 47.00
GISS 95.30 92.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,127.98 -1.1 6.9
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,250 12,350 12,600
Support 12,100 12,000 11,800
QSE Index Commentary
Overview:
The QSE Index could not hold its ground
and declined in the last session, possibly
heading towards the 12,000 level. On the
daily and the intraday charts, both the
MACD and the RSI are pointing down.
The only good news we have thus far is
that the drop was coupled with lower
traded volumes. Hence, we could see
strong support around 12,000 level.
Expected Resistance Level: 12,350
Expected Support Level: 12,000
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 11 Mar 15 10 Mar 15 %Ch.
Value Traded (QR mn) 293.4 418.7 -29.9
Ex. Mkt. Cap. (QR bn) 659.0 665.5 -1.0
Volume (mn) 6.1 9.5 -35.9
Number of Trans. 4,051 4,702 -13.8
Companies Traded 41 38 7.9
Market Breadth 11:29 28:10 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,603.14 -0.9 48.6
All Share Index 3,212.30 -0.8 49.5
Banks 3,260.28 -0.5 50.9
Industrials 4,012.97 -0.8 50.7
Transportation 2,497.69 -0.7 63.5
Real Estate 2,412.87 -0.9 47.1
Insurance 4,070.24 -0.6 54.8
Telecoms 1,385.77 -3.1 40.2
Consumer 7,147.38 -0.4 39.3
Al Rayan Islamic 4,404.41 -0.5 56.0
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
DHBK 52.30 -1.3 27.0
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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BRES
Price % Ch. Volume
Last 48.15 -0.82 524,210
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 48.70 50.00 51.00
Support 47.90 47.00 46.40
Commentary
Overview:
The name has been in a trading range for
the past month. This range is tilting
downwards and the price could reach the
lower bound of that range, and possibly
lower. Technical indicators are mostly
flattish on the daily chart but more bearish
on the intraday chart.
Expected Target Retreat: QR47.00 –
QR46.40
Price to breach below QR48.00 to trigger
the sell idea.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GISS
Price % Ch. Volume
Last 95.30 -1.55 190,733
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 97.00 99.00 104.00
Support 95.00 92.00 90.00
Commentary
Overview:
The name created a bearish Tombstone
Doji candlestick. It was further augmented
by another bearish candlestick. The
MACD on the daily chart carries bearish
momentum while the RSI, although
flattish, is pointing down. Thus, a drop
below QR95.00 could soften the buying
pressure and could push the price down.
Expected Target Retreat: QR92.00 –
QR90.00
A price breach below QR95.00 would
trigger the sell idea.
(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 12,127.98 12,073.81 12,104.85 12,124.03 12,155.06 12,186.10 12,205.28 12,236.31 12,218.54 12,630.59 12,943.44
Total Return 18,603.14 18,520.05 18,567.66 18,597.07 18,644.68 18,692.29 18,721.70 18,769.31 18,352.19 18,902.58 19,336.69
All Share 3,212.30 3,199.49 3,206.83 3,211.37 3,218.70 3,226.04 3,230.58 3,237.91 3,161.64 3,236.48 3,294.22
Al Rayan Islamic 4,404.41 4,379.47 4,391.82 4,399.45 4,411.80 4,424.15 4,431.78 4,444.13 4,225.95 4,301.83 4,388.93
Banks & Financials Services
MARK 46.80 46.43 46.64 46.77 46.98 47.19 47.32 47.53 46.21 47.38 51.03
CBQK 69.60 68.73 69.15 69.41 69.83 70.25 70.51 70.93 68.36 69.76 69.23
DHBK 52.30 51.97 52.16 52.28 52.47 52.66 52.78 52.97 57.03 57.34 58.57
QIBK 102.50 101.50 101.88 102.12 102.50 102.88 103.12 103.50 104.89 105.36 105.82
QIIK 88.00 86.67 87.05 87.28 87.67 88.05 88.28 88.67 83.19 83.38 84.69
Insurance
QATI 75.20 74.00 74.69 75.11 75.80 76.49 76.91 77.60 77.25 78.67 78.14
Consumer Goods & Services
MCGS 151.00 147.87 148.94 149.60 150.67 151.74 152.40 153.47 133.84 128.36 118.07
Industrials
IQCD 145.30 143.77 144.53 145.00 145.77 146.53 147.00 147.77 153.36 169.74 176.41
QEWS 189.00 182.33 184.78 186.29 188.73 191.18 192.69 195.13 191.94 189.40 188.11
GISS 95.30 93.57 94.33 94.80 95.57 96.33 96.80 97.57 99.20 103.97 106.82
QIGD 43.60 43.07 43.30 43.44 43.67 43.90 44.04 44.27 40.93 43.06 50.88
Real Estate
BRES 48.15 47.52 47.78 47.95 48.22 48.48 48.65 48.92 45.90 45.47 43.10
UDCD 23.30 22.92 23.04 23.11 23.23 23.35 23.42 23.54 24.15 24.90 26.15
ERES 15.69 15.54 15.62 15.66 15.73 15.81 15.85 15.92 15.54 16.60 18.97
MRDS 19.70 19.23 19.42 19.54 19.73 19.92 20.04 20.23 19.72 20.71 20.88
Telecommunication
ORDS 110.00 105.13 107.08 108.29 110.23 112.18 113.39 115.33 115.67 117.60 125.99
VFQS 17.90 17.81 17.86 17.89 17.95 18.00 18.03 18.09 16.53 17.36 18.75
Transportation
QGTS 23.59 22.64 22.96 23.16 23.48 23.80 24.00 24.32 23.95 23.70 23.74
QNNS 108.80 107.00 107.73 108.17 108.90 109.63 110.07 110.80 101.57 99.70 96.92
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 Badar Husain
Head of Research Senior Research Analyst Head of Trading
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6547
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa badar.husain@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
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