1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Neutral
The QE Index surpassed its resistances of 9,766.28 and the 9,800.0
psychological level and made further headway to close the session
on a positive note. The index gained around 44 points (0.45%) to
close at 9,806.58, after pausing the strong advance just for a single
day on Monday. However, accumulation is not recommended until a
further bullish confirmation occurs. If the index holds 9,766.28 on a
closing basis, it may continue its upmove targeting the 9,875.0 level.
Qatar Electricity & Water Co.: Short-Term – Bounce Back
QEWS penetrated above the 21-day moving average (currently at
QR157.59) and QR158.50 in a single trading session yesterday.
Notably, volumes were large on the breakout, which is a positive sign
for the stock. This strong breach of resistance has bullish implications.
Moreover, both the RSI and the MACD lines are pointing to an
upward direction, supporting our positive stance. We believe the stock
may retest the immediate resistance at QR159.80.
Al Rayan Islamic Index: Short-Term – Neutral
The QERI Index ended yesterday’s volatile session on a bearish note
and declined around (-0.21%) to close at 2,804.72. The index moved
above the 2,814.66 level for the second consecutive day, but was not
able to sustain above it and slipped below the 55-day moving average
(currently at 2,804.75). Moreover, the continued struggle to clear the
resistance of 2,814.66 is posing a hurdle for the index to move ahead.
The index needs to hold 2,800.0 in order to retest 2,814.66.
Ooredoo: Short-Term – Bounce Back
ORDS found support near the 21-day moving average and breached
the descending trendline resistance. The recent price action and
rising volumes indicate that the stock may test QR142.90. A breakout
of this level on a closing basis will play a major role and may push the
stock to test QR145.0. Meanwhile, both the RSI and the MACD lines
are supporting a further upside move. However, a drop below the
descending trendline has bearish implications.
Commercial Bank of Qatar: Short-Term – Bounce Back
CBQK cleared its resistances of the 21-day moving average (currently
at QR68.22) and QR68.40 in a single swoop yesterday. Moreover,
the stock developed a bullish Marubozu Candle pattern indicating that
the stock may advance further from the current level. We believe the
recent push and increased volumes suggest that the stock may test
QR69.40. However, a dip below the descending trendline may
indicate a false breakout. Meanwhile, both indicators are moving up.
Barwa Real Estate Co.: Short-Term – Pull Back
BRES has been witnessing steady correction since the QR26.10 level
restricted the stock’s bullish momentum. The stock is now
approaching toward the immediate support of QR25.20. We believe it
seems unlikely that the stock can hold to its support and drift lower to
test the 21-day moving average (currently at QR24.96). Meanwhile,
the prognosis on this time frame implies a further correction, with the
RSI pointing downward.

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) 9,806.58 UP UP 9,700.00 9,600.00 10,200.00 10,350.00
Al Rayan Islamic Index (QERI Index) 2,804.72 UP UP 2,700.00 2,600.00 2,950.00 3,000.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.50 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD)* 68.90 DOWN DOWN 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD) 54.40 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 68.10 DOWN DOWN 65.00 64.30 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.80 UP UP 47.90 45.00 60.80 61.50
Al Khalij Commercial Bank (KCBK QD) 18.80 UP UP 16.05 15.85 19.90 20.75
National Leasing Holding Co. (NLCS QD) 34.75 UP FLAT 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (QMLS QD) 51.50 DOWN DOWN 47.50 46.70 69.10 78.50
Industrials
Industries Qatar (IQCD QD) 153.70 DOWN DOWN 144.10 142.00 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD)* 158.60 DOWN FLAT 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 49.80 UP UP 30.50 29.50 52.00 54.00
Qatari Investors Group (KHCD QD) 29.90 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD)* 25.30 DOWN UP 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 21.97 UP DOWN 17.06 16.00 25.30 25.90
Mazaya Qatar Real Estate Development (MRDS QD) 11.69 UP UP 10.17 9.42 12.65 13.20
Telecom
Ooredoo (ORDS QD)* 142.00 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.12 UP UP 8.50 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.70 UP UP 15.08 14.52 21.15 21.70
Milaha (QNNS QD) 81.00 UP UP 58.20 56.70 84.90 86.50