Qatar stock exchange

1. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 1 of 6
Daily Technical Trader – Qatar
Tuesday, 23 December 2014
Stocks Covered Today
Ticker Price Target
MARK 48.00 42.80
MRDS 18.20 19.30
QSE Index
Level % Ch. Vol. (mn)
Last 12,421.22 3.3 19.7
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,430 12,800 13,000
Support 12,200 11,430 11,230
QSE Index Commentary
Overview:
The Index continued its bullish move as
expected. Although the Index gained
almost 3.3% in the last session, indicators
are starting to show possible signs of
weakness. On the daily chart, the RSI
reached the neutral zone. In addition, the
MACD is extended below the zero line. On
the intraday chart, it is obvious that the
RSI reached the overbought area and the
MACD is over extended above the zero
line while its Histogram is showing
weakness. All the above indicate that
there is potential room to go up but we
advise investors to book profits.
Expected Target Level: 12,430 – 12,800
If the 12,430 level is penetrated upward
for at least an hour, then another run to
12,800 is possible.
Suggested Stop-Loss Level: 12,200
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 22 Dec 14 21 Dec 14 %Ch.
Value Traded (QR mn) 1,004.5 1,260.0 -20.3
Ex. Mkt. Cap. (QR bn) 677.8 661.7 2.4
Volume (mn) 24.7 26.1 -5.4
Number of Trans. 10,931 9,437 15.8
Companies Traded 43 43 0.0
Market Breadth 32:9 41:1 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,526.14 3.3 48.5
All Share Index 3,153.65 2.8 48.0
Banks 3,267.32 2.9 52.7
Industrials 4,004.78 2.2 45.2
Transportation 2,227.14 0.6 47.0
Real Estate 2,274.49 5.0 41.8
Insurance 3,833.50 5.0 55.9
Telecoms 1,430.93 1.7 50.5
Consumer 6,775.91 1.5 45.8
Al Rayan Islamic 4,100.29 4.2 46.7
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
IHGS 121.00 -10.0 21.9
AHCS 11.35 -1.4 26.4
DBIS 41.45 4.9 32.0
NLCS 19.33 -0.3 33.3
QGMD 9.70 -2.7 34.8
QSE Index (30min)
Source: Bloomberg, QNBFS Research

2. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 2 of 6
MARK
Price % Ch. Volume
Last 48.00 4.69 1,330,328
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 49.00 51.00 52.30
Support 46.40 43.85 42.00
Commentary
Overview:
The Shari’ah compliant bank made a
significant leap yesterday and gained
4.69%. The stock closed on yesterday’s
high. Usually, when there is a bounce,
volumes are watched closely to measure
how healthy that bounce is and how far it
is expected to reach. Volumes did not
increase with the current rally, indicating
limited buying interest and suggests the
bounce might not last for long. Without
higher participating volumes we could
potentially profit taking from traders. The
MACD is still below the zero line, and the
RSI on the intraday chart is at the
overbought area. In conclusion, sell the
bounce.
Expected Price Retreat: QR42.80
This price is expected to be reached if the
name trades below QR46.40.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

3. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 3 of 6
MRDS
Price % Ch. Volume
Last 18.20 2.42 3,584,484
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 19.50 20.70 21.90
Support 18.00 17.00 15.55
Commentary
Overview:
MRDS had a volatile session as it faced a
sudden sell-off in the middle of the
session. However, the stock recovered
and ended the day with a 2.42% gain.
Higher volumes were registered on the
name as it bounced over the past three
sessions. There is still a chance for more
recovery while the main short-term trend
is still down. Although a long-legged Doji
was formed, the MACD on the daily is
turning upward and the RSI punched
through the oversold area. On the intraday
chart, the MACD is getting closer to the
zero line and the RSI is departing the
neutral zone. As a result, we expect that
the name could reach higher levels before
profit taking comes into play.
Expected Target Price: QR19.30 –
QR19.50
A sustained price penetration above the
QR18.75 mark is needed to reach the
price target.
Suggested Stop-Loss Price: QR18.00
A drop below the stop-loss level could
drag the price even further to QR16.00
then QR15.55.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

4. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 4 of 6
Intra-day 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 12,421.22 11,669.27 11,884.71 12,017.80 12,233.23 12,448.67 12,581.76 12,797.19 13,115.40 13,390.78 12,934.09
Total Return 18,526.14 17,404.59 17,725.92 17,924.43 18,245.75 18,567.08 18,765.59 19,086.91 19,561.50 19,972.22 19,266.82
All Share 3,153.65 2,977.16 3,027.72 3,058.96 3,109.53 3,160.09 3,191.33 3,241.90 3,328.77 3,390.76 3,283.48
Al Rayan Islamic 4,100.29 3,811.04 3,893.91 3,945.11 4,027.98 4,110.85 4,162.05 4,244.92 4,404.27 4,531.05 4,294.60
Banks & Financials Services
MARK 48.00 44.13 45.24 45.93 47.03 48.14 48.83 49.93 49.02 52.31 50.34
CBQK 66.60 63.20 64.54 65.36 66.70 68.04 68.86 70.20 71.43 70.86 68.64
DHBK 56.10 53.17 54.05 54.59 55.47 56.35 56.89 57.77 57.66 58.82 59.91
QIBK 103.70 95.83 98.55 100.22 102.93 105.65 107.32 110.03 106.44 110.56 99.27
QIIK 81.60 76.87 78.39 79.34 80.87 82.39 83.34 84.87 83.76 85.98 83.67
Insurance
QATI 89.80 82.73 84.76 86.01 88.03 90.06 91.31 93.33 92.84 94.71 84.97
Consumer Goods & Services
MCGS 113.70 98.10 102.57 105.33 109.80 114.27 117.03 121.50 123.29 125.11 103.01
Industrials
IQCD 174.50 168.17 170.08 171.26 173.17 175.08 176.26 178.17 186.81 186.50 184.26
QEWS 186.90 177.70 180.34 181.96 184.60 187.24 188.86 191.50 186.42 186.89 184.53
GISS 96.10 86.63 89.35 91.02 93.73 96.45 98.12 100.83 110.42 115.72 103.27
QIGD 41.70 36.10 37.70 38.70 40.30 41.90 42.90 44.50 46.21 52.12 55.81
Real Estate
BRES 42.95 36.42 38.29 39.44 41.32 43.19 44.34 46.22 44.62 42.86 40.63
UDCD 23.50 20.70 21.54 22.06 22.90 23.74 24.26 25.10 25.97 27.66 25.80
ERES 15.15 13.98 14.37 14.60 14.98 15.37 15.60 15.98 18.00 18.92 21.40
MRDS 18.20 16.27 16.92 17.32 17.96 18.61 19.01 19.65 21.98 22.68 20.23
Telecommunication
ORDS 119.00 113.53 115.10 116.07 117.63 119.20 120.17 121.73 120.23 125.03 133.51
VFQS 16.00 14.53 14.99 15.27 15.73 16.19 16.47 16.93 18.53 19.76 18.29
Transportation
QGTS 22.44 21.52 21.85 22.06 22.39 22.72 22.93 23.26 23.49 24.01 23.29
QNNS 94.80 90.93 92.08 92.79 93.93 95.08 95.79 96.93 97.66 96.26 95.35
Source: Bloomberg, QNBFS Research; Note: Numbers in Italics denote moving averages that are above the given index level/stock price

5. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 5 of 6
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.

6. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 6 of 6
Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@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,
promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or
indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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
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. This report may not be reproduced in whole or in part without permission from QNBFS.