1. Page 1 of 2
ETECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index gained 0.27% to close the session at 9,833.10. The
index closed at the highest point of the day, forming a bullish
Marubozu Candle, suggesting that the index may have strength to
advance further. However, Wednesday’s low trading volume does
not lend support to this view. The index has strong resistance at
9,850, which it needs to break, in order to continue the uptrend.
Otherwise, the index is likely to fall back towards its support of 9,800.
Qatar Islamic Bank: Short-Term – Bounce Back
QIBK gained 0.59% on Wednesday to close at QR68.50, forming a
bullish Engulfing Pattern in the process. Moreover, the gain was
supported by high trading volume, which is a positive sign for the
stock. Meanwhile, the MACD has converged with the signal line from
the downside. We believe, the stock may advance toward its
resistance level of QR68.91 and may head towards QR69.0. On the
flip side, if the stock declines below QR67.80, it may attract sellers.
Al Rayan Islamic Index: Short-Term – Pull Back
The QERI Index fell by about 2 points to close at 2,802.64, marginally
below the 55-day moving average (currently at 2,804.77), which is a
sign of weakness. The index tested its resistance level of 2,815 during
the intra-day trading, but was unable to hold on to its gains, and
slipped back down. The QERI index looks set to test its support level
of 2,782. However, the index would turn bullish if it manages to close
above 2,815, and would then move toward the 2,835 level.
Barwa Real Estate Co.: Short-Term – Bounce Back
BRES tested its support of QR25.20 and bounced back to close at
QR25.70, up 1.58%. The stock formed a bullish Engulfing Pattern on
the charts, which indicates strength in the up move. BRES is now
approaching to test the 55-day moving average (currently at
QR25.83) level, which if surpassed, may allow it to advance toward
the QR26.10 level. However, a dip below the QR25.20 level would
lead to a correction.
Commercial Bank of Qatar: Short-Term – Bounce Back
After a strong move on Tuesday, CBQK managed to hold on above
its trend line resistance level, and its 21-day moving average. The RSI
is heading higher, suggesting strength in the price action. In addition,
the MACD is also diverging away from the signal line on the upside.
We expect the stock to move higher from the current levels, with
resistance seen near QR69.40 level. On the flip side, if the stock slips
from here, support is at QR68.40.
Mazaya Qatar Real Estate Dev.: Short-Term – Pull Back
MRDS closed near the lowest point of the day on Wednesday,
forming a bearish Marubozu Candle in the process, suggesting further
weakness in the stock. The RSI is trending lower, indicating
weakness in the price action. MRDS is likely to trend lower from the
current level towards its support level of QR11.60 (coincidentally also
the 21-day moving average level). However, investors should turn
cautious if the stock moves above QR11.71.

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) 9,833.10 UP UP 9,700.00 9,600.00 10,200.00 10,350.00
Al Rayan Islamic Index (QERI Index) 2,802.64 UP UP 2,700.00 2,600.00 2,950.00 3,000.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.55 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD)* 69.00 UP 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)* 68.50 DOWN DOWN 65.00 64.30 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.90 UP UP 47.90 45.00 60.80 61.50
Al Khalij Commercial Bank (KCBK QD) 18.74 UP UP 16.05 15.85 19.90 20.75
National Leasing Holding Co. (NLCS QD) 34.70 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) 153.60 DOWN DOWN 144.10 142.00 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD) 159.30 UP FLAT 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 50.10 UP UP 30.50 29.50 52.00 54.00
Qatari Investors Group (KHCD QD) 29.95 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD)* 25.70 UP DOWN 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 21.90 UP DOWN 17.06 16.00 25.30 25.90
Mazaya Qatar Real Estate Development (MRDS QD)* 11.66 UP UP 10.17 9.42 12.65 13.20
Telecom
Ooredoo (ORDS QD) 143.10 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.10 UP UP 8.50 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.80 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