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Daily Technical Trader – Qatar
Wednesday, 24 December 2014
Stocks Covered Today
Ticker Price Target
GISS 90.10 82.10
GWCS 51.50 50.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,183.52 -1.9 20.7
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:
Traders started to book some profits
yesterday and as a result the Index
dropped by 1.9%. The Index reached a
strong resistance around the lower part of
the medium-term downtrend channel,
denoted with the solid red lines. It also
reached the 50% Fibonacci retracement
from the most recent drop. Indicators are
showing more weakness for the Index.
Expected Target Level: 12,430 – 12,800
Although it is becoming harder to reach, it
is important to break above the 12,430 to
reach the 12,800. We keep the
recommendation to sell the bounces for
the short-term.
Suggested Stop-Loss Level: 12,200
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 23 Dec 14 22 Dec 14 %Ch.
Value Traded (QR mn) 707.8 1,004.5 -29.5
Ex. Mkt. Cap. (QR bn) 665.2 677.8 -1.9
Volume (mn) 16.3 24.7 -34.0
Number of Trans. 7,778 10,931 -28.8
Companies Traded 40 43 -7.0
Market Breadth 9:29 32:9 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,171.60 -1.9 45.4
All Share Index 3,097.13 -1.8 45.0
Banks 3,189.53 -2.4 48.0
Industrials 3,935.08 -1.7 42.7
Transportation 2,233.98 0.3 47.6
Real Estate 2,223.63 -2.2 39.5
Insurance 3,786.09 -1.2 53.3
Telecoms 1,420.80 -0.7 49.3
Consumer 6,775.65 0.0 45.8
Al Rayan Islamic 4,043.33 -1.4 44.8
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
IHGS 108.90 -10.0 19.7
AHCS 11.15 -1.8 25.0
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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GISS
Price % Ch. Volume
Last 90.10 -6.24 847,190
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 91.50 99.00 106.50
Support 82.00 80.00 75.00
Commentary
Overview:
GISS may face further weakness. The
name dropped more than 6% in the last
session, reversing the sharp rise it
witnessed over the past few sessions.
Indicators are supporting the weakness
argument. The short-term trend is still
down; all moving averages are above the
current price. On the daily chart, the
MACD extended below the zero line and
the RSI is around the neutral zone. That
suggests bears are still controlling the
scene. On the intraday chart, the MACD is
losing its momentum (seen through its
Histogram turn downward) and the RSI is
falling from the overbought area. Although
it is not a rule, but there is a price gap
which extends from QR89.00 to QR79.50.
This gap could be easily filled because of
the expected consolidation.
Expected Price Retreat: QR82.10 –
QR79.50
The sell trigger will be in effect if QR89.00
is breached downward.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 51.50 -2.83 139,825
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 52.50 53.00 56.50
Support 50.00 49.30 48.00
Commentary
Overview:
GWCS was not able to push through the
strong resistance around the QR53.00
price level. Previous tops, bundled SMAs,
and previous bottoms increased the
selling pressure around that level. In
addition, oscillators are confirming further
weakness as the daily chart shows the
RSI and the MACD are both pointing
down. On the hourly chart, we see that
MACD is becoming weaker while still
under the zero line and the RSI is at the
neutral area. Hence we expect the
weakness to continue further.
Expected Price Retreat: QR50.00 –
QR49.40
A break below the QR51.00 price may
indicate further weakness and wait for
stability around the target price for further
recommendations.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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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 12,183.52 12,021.58 12,113.38 12,170.10 12,261.90 12,353.70 12,410.42 12,502.22 13,089.51 13,380.03 12,937.06
Total Return 18,171.60 17,930.08 18,067.00 18,151.59 18,288.51 18,425.43 18,510.02 18,646.94 19,522.88 19,956.19 19,273.25
All Share 3,097.13 3,060.32 3,080.93 3,093.66 3,114.27 3,134.88 3,147.61 3,168.22 3,322.41 3,388.29 3,284.30
Al Rayan Islamic 4,043.33 3,970.26 4,005.53 4,027.32 4,062.59 4,097.86 4,119.65 4,154.92 4,394.29 4,526.96 4,297.99
Banks & Financials Services
MARK 46.50 45.07 45.70 46.09 46.72 47.35 47.74 48.37 48.89 52.22 50.38
CBQK 66.40 64.87 65.40 65.73 66.27 66.80 67.13 67.67 71.33 70.83 68.65
DHBK 56.60 55.33 55.75 56.01 56.43 56.85 57.11 57.53 57.64 58.81 59.89
QIBK 102.90 100.30 101.06 101.54 102.30 103.06 103.54 104.30 106.26 110.55 99.40
QIIK 81.70 78.50 79.57 80.23 81.30 82.37 83.03 84.10 83.66 85.94 83.70
Insurance
QATI 88.20 84.07 85.59 86.54 88.07 89.59 90.54 92.07 92.62 94.69 85.09
Consumer Goods & Services
MCGS 119.00 108.07 112.31 114.93 119.17 123.41 126.03 130.27 123.13 125.29 103.27
Industrials
IQCD 173.00 169.67 170.81 171.52 172.67 173.81 174.52 175.67 186.58 186.44 184.15
QEWS 187.00 184.93 185.70 186.17 186.93 187.70 188.17 188.93 186.38 186.93 184.63
GISS 90.10 85.03 87.90 89.67 92.53 95.40 97.17 100.03 109.82 115.45 103.38
QIGD 40.40 37.40 38.64 39.41 40.65 41.89 42.66 43.90 45.91 51.98 55.81
Real Estate
BRES 41.70 39.57 40.79 41.54 42.77 43.99 44.74 45.97 44.65 42.83 40.67
UDCD 23.26 22.15 22.57 22.83 23.25 23.67 23.93 24.35 25.87 27.61 25.82
ERES 14.82 14.53 14.68 14.77 14.91 15.06 15.15 15.29 17.90 18.84 21.39
MRDS 17.70 17.13 17.39 17.55 17.80 18.06 18.22 18.47 21.88 22.67 20.25
Telecommunication
ORDS 119.00 115.13 116.32 117.05 118.23 119.42 120.15 121.33 120.00 124.88 133.37
VFQS 15.50 14.95 15.19 15.34 15.59 15.83 15.98 16.23 18.43 19.72 18.31
Transportation
QGTS 22.67 21.78 22.04 22.20 22.46 22.72 22.88 23.14 23.46 24.00 23.30
QNNS 95.00 91.73 92.73 93.34 94.33 95.33 95.94 96.93 97.66 96.28 95.35
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 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
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