- The Qatari stock market index bounced up after recent declines but further gains may be limited as the overall trend remains downward. - Two stocks, IQCD and MARK, are expected to decline further in the short term as they remain in downtrends and are trading below moving averages. - Key support and resistance levels are identified for the index and these two stocks to watch if breached.

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Daily Technical Trader – Qatar
Wednesday, 02 September 2015
Stocks Covered Today
Ticker Price 1
st
Target
IQCD 131.70 128.00
MARK 43.20 41.40
QSE Index
Level % Ch. Vol. (mn)
Last 11,415.09 -1.28 24.8
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 11,600 11,760 12,000
Support 11,300 11,100 10,900
QSE Index Commentary
Overview:
The Index bounced up creating a V-shape
correction. V-shape corrections are
usually accompanied by high volatility.
The main trend on the Index is downtrend.
The mentioned bounce might continue
higher, as such, we suggest reducing on
any uptick.
Expected Resistance Level: 11,600
Expected Support Level: 11,300
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 01 Sep 31 Aug %Ch.
Value Traded (QR mn) 407.7 981.6 -58.5
Ex. Mkt. Cap. (QR bn) 602.9 608.1 -0.8
Volume (mn) 9.2 25.7 -64.4
Number of Trans. 5,417 7,039 -23.0
Companies Traded 41 43 -4.7
Market Breadth 9:31 15:22 –
QE Indices
Market Indices Close 1D% RSI
Total Return 17,743.12 -1.3 47.8
All Share Index 3,041.41 -1.0 46.8
Banks 3,076.60 -0.2 52.0
Industrials 3,526.53 -1.1 42.5
Transportation 2,352.19 -1.2 41.7
Real Estate 2,653.88 -2.0 50.0
Insurance 4,635.64 -1.7 47.0
Telecoms 928.40 -3.7 33.7
Consumer 6,821.25 -0.5 44.8
Al Rayan Islamic 4,378.17 -1.0 44.2
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QCFS 39.30 0.0 14.0
AKHI 33.80 -0.6 21.2
QNCD 104.00 0.1 24.2
MCCS 98.50 -0.9 27.3
DBIS 19.90 -0.5 29.5
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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IQCD
Price % Ch. Volume
Last 131.70 -0.98 220,142
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 133.00 135.00 138.00
Support 130.00 128.00 125.60
Commentary
Overview:
IQCD has been in a downtrend path that
started since November of last year. The
name did bounce back along with the rest
of the markets. However, that doesn’t
mean it is a good catch at these levels.
Name also reached the previous trough
and it is trading below its SMAs. As a
result, we expect more selling pressure to
build up over the short term.
Expected Price Retreat: QR128.00 –
QR125.60
A price breach below QR130.00 triggers
the sell recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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MARK
Price % Ch. Volume
Last 43.20 -0.92 451,906
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 44.00 45.00 46.00
Support 42.60 41.40 40.60
Commentary
Overview:
In tandem with the market, MARK has in a
downtrend and experienced a sharp
correction upwards. This rally might be
short lived as selling pressure could
increase due to the general trend. As a
result, we see selling the rally might be the
wiser choice for traders.
Expected Price Retreat: QR41.40 –
QR40.60
A price breach below QR42.60 triggers
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 11,415.09 11,335.14 11,380.95 11,409.25 11,455.07 11,500.88 11,529.18 11,575.00 11,761.78 11,945.28 12,091.24
Total Return 17,743.12 17,618.85 17,690.06 17,734.05 17,805.26 17,876.47 17,920.46 17,991.67 18,281.41 18,564.96 18,507.34
All Share 3,041.41 3,024.27 3,034.09 3,040.16 3,049.98 3,059.80 3,065.87 3,075.69 3,144.15 3,192.07 3,181.64
Al Rayan Islamic 4,378.17 4,352.34 4,366.26 4,374.86 4,388.78 4,402.70 4,411.30 4,425.22 4,572.23 4,600.80 4,423.61
Banks & Financials Services
MARK 43.20 42.70 42.91 43.04 43.25 43.46 43.59 43.80 44.58 45.82 46.12
CBQK 55.90 54.50 55.15 55.55 56.20 56.85 57.25 57.90 55.61 55.83 58.79
DHBK 51.50 51.17 51.36 51.48 51.67 51.86 51.98 52.17 52.63 53.33 54.52
QIBK 110.80 109.40 110.13 110.57 111.30 112.03 112.47 113.20 108.58 106.59 104.67
QIIK 75.50 75.17 75.36 75.48 75.67 75.86 75.98 76.17 77.98 79.02 80.51
Insurance
QATI 95.50 93.90 94.82 95.38 96.30 97.22 97.78 98.70 98.14 93.67 85.37
Consumer Goods & Services
MCGS 166.10 159.37 162.80 164.93 168.37 171.80 173.93 177.37 178.78 175.65 153.88
Industrials
IQCD 131.70 130.63 131.05 131.31 131.73 132.15 132.41 132.83 134.79 138.18 148.23
QEWS 213.60 207.53 210.02 211.55 214.03 216.52 218.05 220.53 218.45 215.08 202.30
GISS 59.00 57.20 58.19 58.81 59.80 60.79 61.41 62.40 71.04 77.05 87.28
QIGD 47.30 46.93 47.14 47.27 47.48 47.69 47.82 48.03 50.50 50.44 45.74
Real Estate
BRES 43.70 43.17 43.43 43.60 43.87 44.13 44.30 44.57 48.98 49.61 47.77
UDCD 23.01 22.55 22.79 22.94 23.18 23.42 23.57 23.81 24.66 23.84 23.83
ERES 18.49 17.91 18.17 18.33 18.59 18.85 19.01 19.27 17.86 17.83 16.84
MRDS 15.80 15.35 15.55 15.67 15.88 16.08 16.20 16.41 17.83 18.34 18.50
Telecommunication
ORDS 66.10 64.10 65.25 65.95 67.10 68.25 68.95 70.10 79.75 87.94 100.58
VFQS 14.01 13.84 13.93 13.99 14.09 14.18 14.24 14.34 15.53 16.33 16.57
Transportation
QGTS 21.55 21.21 21.39 21.51 21.69 21.87 21.99 22.17 22.05 22.29 22.84
QNNS 94.70 93.23 94.07 94.59 95.43 96.27 96.79 97.63 97.17 98.01 99.09
Sources: 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 Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
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