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TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index surpassed the 10,000.0 psychological level for the first
time since November 2007, tagging another new 52-week high
(10,008.10) and rallied aggressively to close at 10,006.36. We
believe the current strong momentum and rising buying interest may
push the index higher to test and surpass its next resistance of
10,036.34 targeting 10,100.0. The index has support for a further
higher move from both momentum indicators, which look strong.
Ooredoo: Short-Term – Bounce Back
ORDS cleared both its resistances of QR142.0 and QR144.30 in a
single swoop after consolidating for many weeks below that level.
Notably, the breakout was on the back of large volumes, which is a
positive sign for the stock. We believe the stock may head higher and
test its next resistance at QR146.0. However, a dip below the
ascending trendline at QR144.30 may indicate a false breakout.
Meanwhile, both indicators are moving in an upward direction.
Al Rayan Islamic Index: Short-Term – Bounce Back
The QERI Index rose by around 18 points (0.62%) to close at
2,856.47. The index developed a bullish Marubozu Candle pattern,
indicating a likely continuation of this upmove. Moreover, the RSI and
the MACD are moving in a bullish manner, thus reinforcing our bullish
outlook. We believe, if the index can cling on to support near the
2,855.0 level, it may advance higher targeting the next resistance at
2,871.69. However, any dip below 2,855.0 may halt the upmove.
Mazaya Qatar Real Estate Dev.: Short-Term – Bounce Back
MRDS breached the ascending trendline resistance at QR11.60 after
consolidating below that level for several days. Moreover, the RSI is
moving in a bullish manner toward the overbought territory, while the
MACD is widening away from the signal line in a positive manner.
This strong breach of resistance has bullish implications. On the
upside, MRDS has an immediate resistance at QR12.10. However,
any retreat below QR11.60 may indicate a false breakout.
Barwa Real Estate Co.: Short-Term – Bounce Back
BRES developed a bullish engulfing pattern, suggesting that the stock
may move higher from the current level. BRES found support near
QR24.40 forming a hammer pattern, and moved higher indicating that
the downtrend may be over. We believe the stock may test and
surpass the QR25.20 level targeting the QR26.10 level. Moreover, the
RSI has shown a bullish divergence, while the MACD is moving
upward toward the signal line, thus supporting our bullish view.
Doha Bank: Short-Term – Bounce Back
DHBK has been moving aggressively higher over the past couple of
sessions. The stock is now marching toward its next resistance of
QR57.14 and has strong momentum going in. If DHBK breaches
above that level, traders should watch out for a test of the next
resistance at the QR57.50 level. Meanwhile, both the RSI and the
MACD lines are moving upward in a bullish manner, indicating a
further rise in the stock price.

2. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of Trading Head of Sales Manager - HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 2 of 2
*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 55-
day 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.
Name (Ticker) Last Close Trend Support Resistance
Short Term Long Term First Second First Second
Qatar Exchange Index (QE Index) 10,006.36 UP UP 9,900.00 9,800.00 10,034.64 10,200.00
Al Rayan Islamic Index (QERI Index) 2,856.47 UP UP 2,800.00 2,750.00 2,900.00 2,950.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 30.25 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD) 70.30 UP UP 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD)* 56.90 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 70.10 UP UP 67.60 67.00 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.10 UP UP 47.90 45.00 58.40 60.00
Al Khalij Commercial Bank (KCBK QD) 17.07 UP UP 16.05 15.85 18.00 18.29
National Leasing Holding Co. (NLCS QD) 34.25 DOWN DOWN 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (QMLS QD) 56.80 DOWN DOWN 55.30 52.30 69.10 78.50
Industrials
Industries Qatar (IQCD QD) 162.40 DOWN DOWN 156.45 155.50 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD) 166.00 UP UP 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 50.00 UP UP 30.50 29.50 52.00 54.00
Qatari Investors Group (KHCD QD) 28.80 UP UP 20.36 20.00 29.50 30.00
Real Estate
Barwa Real Estate Co. (BRES QD)* 25.10 DOWN DOWN 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 23.29 UP UP 17.06 16.00 25.30 25.90
Mazaya Qatar Real Estate Development (MRDS QD)* 11.76 UP UP 10.17 9.42 12.10 12.64
Telecom
Ooredoo (ORDS QD)* 145.00 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.22 UP UP 8.90 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.29 UP UP 15.08 14.52 19.50 20.20
Milaha (QNNS QD) 78.80 UP UP 58.20 56.70 79.80 81.20