This document provides a daily market summary and analysis of the Qatar Stock Exchange (QSE) Index and selected Qatari stocks. It includes commentary on market indicators, index levels and individual stocks. For the QSE Index and selected stocks, it provides closing prices, expected resistance and support levels based on technical analysis, and commentary on current trends and outlook. It also includes tables on intraday Fibonacci support and resistance levels, daily moving averages, and definitions for technical analysis terms.

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Daily Technical Trader – Qatar
Wednesday, 18 March 2015
Stocks Covered Today
Ticker Price Target
MARK 45.15 44.00
VFQS 16.82 16.30
QSE Index
Level % Ch. Vol. (mn)
Last 11,687.17 -0.6 6.1
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 11,700 11,800 12,000
Support 11,600 11,500 11,350
QSE Index Commentary
Overview:
The QSE Index reached an important
level, just above the 11,600 level. It is
paramount to maintain above the
mentioned level because breaching below
the level may take the Index down to
11,350 – 11,300 levels. That is when the
Index will test the long-term uptrend line.
The good news is that the Index, at this
point, is positioned at a bottom of a
possible wide range between 11,600 and
12,800. Thus it could stabilize, in the
short-term, around the current levels.
Expected Resistance Level: 12,000
Expected Support Level: 11,600
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 17 Mar 15 16 Mar 15 %Ch.
Value Traded (QR mn) 322.0 380.5 -15.4
Ex. Mkt. Cap. (QR bn) 635.7 641.0 -0.8
Volume (mn) 7.3 7.6 -3.7
Number of Trans. 4,785 5,138 -6.9
Companies Traded 39 37 5.4
Market Breadth 10:27 0:35 –
QE Indices
Market Indices Close 1D% RSI
Total Return 17,957.65 -0.6 32.8
All Share Index 3,110.31 -0.7 33.1
Banks 3,152.41 -1.0 34.9
Industrials 3,830.53 -0.8 30.9
Transportation 2,450.27 -0.6 49.3
Real Estate 2,360.69 0.0 40.6
Insurance 4,075.17 -1.2 51.5
Telecoms 1,326.67 0.4 29.6
Consumer 6,991.37 -0.8 28.9
Al Rayan Islamic 4,256.41 -0.4 39.4
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QFLS 186.40 -1.1 18.2
DBIS 37.05 -1.3 22.1
DHBK 50.50 -0.6 22.3
UDCD 22.04 -2.4 22.5
IQCD 137.70 -1.0 22.9
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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MARK
Price % Ch. Volume
Last 45.15 -0.22 391,220
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 46.00 46.70 47.50
Support 45.00 44.00 42.00
Commentary
Overview:
The bank could not sustain its bullish leg
and now is standing at an important
support. The QR45.00 support level was
created by previous tops, bottoms, and
price congestions. Thus, a break below
the mentioned level will create a failure
swing downwards and the price may dive.
Technical indicators are giving mixed
signals on the two timeframes. Only a
price break above the QR48.00 level will
neutralize and reverse this
recommendation.
Expected Target Retreat: QR44.00 –
QR42.00
A break below the QR45.00 is needed to
trigger the sell recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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VFQS
Price % Ch. Volume
Last 16.82 -0.77 1,747,033
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 17.20 18.00 18.20
Support 16.70 16.30 16.00
Commentary
Overview:
VFQS just broke below the previous
trough which was created last February.
This break formed a failure swing that
could take the price further down. The
name is trading below its moving
averages and the technical indicators are
pointing down on the daily chart.
Expected Target Retreat: QR16.30 –
QR16.00
A break below the QR16.70 is needed to
trigger the sell recommendation.
(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 11,687.17 11,579.12 11,641.03 11,679.28 11,741.20 11,803.11 11,841.36 11,903.28 12,180.12 12,580.36 12,924.85
Total Return 17,957.65 17,791.63 17,886.76 17,945.53 18,040.66 18,135.79 18,194.56 18,289.69 18,336.27 18,848.36 19,319.39
All Share 3,110.31 3,080.93 3,097.76 3,108.17 3,125.00 3,141.83 3,152.24 3,169.07 3,161.05 3,229.56 3,292.22
Al Rayan Islamic 4,256.41 4,218.84 4,238.08 4,249.96 4,269.19 4,288.43 4,300.31 4,319.54 4,240.43 4,298.06 4,390.07
Banks & Financials Services
MARK 45.15 44.65 44.94 45.11 45.40 45.69 45.86 46.15 46.29 47.14 50.93
CBQK 67.70 66.83 67.33 67.64 68.13 68.63 68.94 69.43 68.41 69.69 69.26
DHBK 50.50 49.63 50.02 50.25 50.63 51.02 51.25 51.63 56.56 57.11 58.33
QIBK 98.00 96.93 97.43 97.74 98.23 98.73 99.04 99.53 104.55 104.90 105.95
QIIK 77.60 75.67 76.77 77.46 78.57 79.67 80.36 81.47 83.27 83.35 84.63
Insurance
QATI 75.50 73.77 74.26 74.57 75.07 75.56 75.87 76.37 76.97 78.28 78.34
Consumer Goods & Services
MCGS 146.00 136.00 139.44 141.56 145.00 148.44 150.56 154.00 136.38 129.37 119.33
Industrials
IQCD 137.70 135.57 136.60 137.24 138.27 139.30 139.94 140.97 150.98 167.99 175.61
QEWS 185.20 184.00 184.69 185.11 185.80 186.49 186.91 187.60 191.82 189.54 188.23
GISS 87.00 84.27 85.37 86.06 87.17 88.27 88.96 90.07 98.47 103.03 106.70
QIGD 39.90 38.17 38.74 39.09 39.67 40.24 40.59 41.17 40.88 42.70 50.40
Real Estate
BRES 47.95 46.98 47.31 47.51 47.83 48.16 48.36 48.68 46.37 45.80 43.29
UDCD 22.04 21.63 21.85 21.99 22.22 22.44 22.58 22.81 24.06 24.71 26.09
ERES 15.36 14.92 15.05 15.14 15.27 15.40 15.49 15.62 15.56 16.48 18.72
MRDS 18.45 18.18 18.30 18.37 18.48 18.60 18.67 18.78 19.69 20.60 20.88
Telecommunication
ORDS 106.00 104.00 104.96 105.55 106.50 107.46 108.05 109.00 114.52 116.82 125.22
VFQS 16.82 16.47 16.63 16.72 16.87 17.03 17.12 17.27 16.59 17.26 18.74
Transportation
QGTS 23.05 22.67 22.79 22.87 22.99 23.11 23.19 23.31 23.95 23.69 23.73
QNNS 106.00 105.33 105.72 105.95 106.33 106.72 106.95 107.33 102.37 100.22 97.20
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
Head of Research Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569
saugata.sarkar@qnbfs.com.qa abdullah.amin@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,
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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
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