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TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Uptrend
The QE Index maintained its strong momentum and gained around
41 points (0.29%) to record a fresh all-time high of 13,931.92. Over
the last few weeks, the index has been making higher tops and
higher bottoms. Further, both the momentum indicators are providing
bullish signals with no immediate trend reversal signs, indicating that
the index has enough steam to accelerate further. Conversely, the
13,850.0 level may act as an intermediate support.
Industries Qatar: Short-Term – Upmove
IQCD built on its gains and advanced 1.05%, moving above the
QR191.0 and QR192.10 levels. The stock has been showing strength
and is moving along the ascending channel over the past few days.
We believe the stock may continue its positive momentum and rally
further to test QR194.60. However, any retreat below QR192.10 may
halt its upmove. Meanwhile, both the indicators are pointing higher,
indicating a possibility of a further rise.
Al Rayan Islamic Index: Short-Term – Uptrend
The QERI Index ended the session marginally lower after tagging a
fresh all-time high, as traders opted to book profits. However, the
uptrend in the index remains intact. The index has immediate support
at the 4,800.0 psychological level, followed by the 4,770.0 level. Any
drift toward these levels should provide a buying opportunity for
traders. Meanwhile, the index is in uptrend mode and may continue
its strong rally, recording new highs.
Gulf International Services: Short-Term – Pullback
GISS penetrated below the important support of QR121.0 after
holding above it over the past few days. Volumes were also large on
the decline, which is a negative sign. Moreover, the RSI has shown a
negative slope, while the MACD is moving in a bearish manner,
indicating weakness. We believe the stock may continue to drift lower
and test QR118.10, which is also in proximity to the 21-day moving
average. However, a close above QR121.0 may attract buyers.
Commercial Bank of Qatar: Short-Term – Bounce Back
CBQK advanced further and gained around 0.44% yesterday. The
stock has been climbing along the ascending trendline to gain
momentum over the past few days. Moreover, the RSI is moving up in
a bullish manner, while the MACD has crossed the signal line into the
positive territory, indicating a continuation of the upmove in the near-
term. We believe the stock may proceed further and test QR69.50.
However, a dip below QR68.30 may pull the stock down.
Ooredoo: Short-Term – Bounce Back
ORDS gained 2.68% and rebounded after witnessing selling pressure
over the past few days. Further, the stock cleared its resistances of
QR123.70 and QR126.0 in a single swoop. We believe based on the
recent price swing, the stock may surpass the 21-day moving
average, targeting QR129.70. However, traders may need to exercise
caution, if the stock slips below QR126.0 as it may result in a
pullback. Meanwhile, the RSI has shown a bullish divergence.

2. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Head of Research Senior Research Analyst Senior Research Analyst Manager - HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@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.
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*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) 13,906.56 UP UP 13,847.11 13,800.00 13,931.92 14,000.00
Al Rayan Islamic Index (QERI Index) 4,812.09 UP UP 4,800.00 4,770.31 4,842.19 4,870.00
Banks and Financial Services Banks and
Masraf Al Rayan (MARK QD) 57.70 UP UP 57.30 55.80 59.90 61.30
Commercial Bank of Qatar (CBQK QD)* 69.00 UP UP 68.30 67.50 69.50 70.00
Doha Bank (DHBK QD) 61.70 UP UP 61.00 60.00 62.00 63.10
Qatar Islamic Bank (QIBK QD) 123.00 UP UP 121.50 119.50 123.80 125.00
Qatar International Islamic Bank (QIIK QD) 92.00 UP UP 90.50 89.00 93.50 95.80
Qatar Insurance (QATI QD) 98.00 UP UP 97.00 96.00 99.00 100.00
Al Khalij Commercial Bank (KCBK QD) 22.10 DOWN FLAT 22.00 21.80 22.35 22.50
Consumer Goods and Services Consumer G
Medicare Group (MCGS QD) 133.50 UP UP 130.00 128.80 135.20 139.40
Al Meera Consumer Goods Co. (MERS QD) 190.00 UP UP 187.80 185.00 190.00 191.50
Industrials Industrials
Industries Qatar (IQCD QD)* 193.00 UP UP 192.10 191.00 194.60 197.70
Qatar Electricity & Water Co. (QEWS QD) 187.30 UP UP 186.00 184.00 188.00 190.00
Gulf International Services (GISS QD)* 119.50 UP UP 118.10 115.00 121.00 122.50
Qatari Investors Group (QIGD QD) 60.30 UP UP 59.70 57.70 60.60 61.30
Real Estate Real Estate
Barwa Real Estate Co. (BRES QD) 41.20 UP UP 41.00 40.20 41.80 42.50
United Development Co. (UDCD QD) 29.70 FLAT UP 29.50 29.05 29.85 30.45
Telecom Telecom
Ooredoo (ORDS QD)* 126.50 FLAT DOWN 126.00 124.90 129.70 131.00
Vodafone Qatar (VFQS QD) 21.50 UP UP 21.40 21.00 21.99 22.30
Transportation Transportat
Nakilat (QGTS QD) 24.26 DOWN UP 24.12 23.90 24.45 25.00
Milaha (QNNS QD) 95.00 UP UP 93.00 91.30 95.10 96.50