The document provides a daily technical analysis report on stocks traded on the Qatar stock exchange. It analyzes the performance of the QSE Index and individual stocks such as QGMD and GWCS. For the index, it notes the index closed flat and technical indicators are giving mixed signals. It provides resistance and support levels. For individual stocks, it analyzes the price movements, volume, and provides price targets and recommendations based on technical indicators like MACD and support/resistance levels. Definitions of technical analysis terms are also provided at the end.

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Daily Technical Trader – Qatar
Wednesday, 27 May 2015
Stocks Covered Today
Ticker Price 1
st
Target
QGMD 18.60 17.80
GWCS 72.80 76.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,409.13 0.1 9.7
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,600 12,800 13,000
Support 12,400 12,350 12,150
QSE Index Commentary
Overview:
The QSE Index closed flat another day.
No further signals are given from a
technical standpoint. Price patterns are
giving us mixed signals (comparing the
daily with the intraday charts). Thus,
traders should be cautious.
Expected Resistance Level: 12,600
Expected Support Level: 12,400
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 26 May 25 May %Ch.
Value Traded (QR mn) 535.5 483.1 10.8
Ex. Mkt. Cap. (QR bn) 658.8 658.5 0.0
Volume (mn) 13.9 13.8 0.4
Number of Trans. 6,190 5,456 13.5
Companies Traded 43 41 4.9
Market Breadth 17:21 12:24 –
QE Indices
Market Indices Close 1D% RSI
Total Return 19,284.43 0.1 59.1
All Share Index 3,305.91 0.1 58.4
Banks 3,231.48 0.1 48.7
Industrials 3,905.46 -0.6 35.5
Transportation 2,437.55 -0.5 38.4
Real Estate 3,008.38 1.6 70.4
Insurance 4,758.20 0.0 72.4
Telecoms 1,254.08 -1.0 29.3
Consumer 7,318.84 0.4 47.1
Al Rayan Islamic 4,720.10 0.1 60.6
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QATI 96.80 -0.1 71.8
IHGS 145.70 -0.8 71.8
RSI 14 (Over Sold)
Ticker Close 1D% RSI
MPHC 25.20 0.0 23.4
ORDS 93.10 -1.2 26.0
GISS 78.10 0.3 28.0
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QGMD
Price % Ch. Volume
Last 18.60 -2.11 673,821
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 19.20 20.00 20.35
Support 17.80 17.00 16.20
Commentary
Overview:
QGMD is in an uptrend but technical
indicators show expected weakness. The
MACD reached extreme levels and the
RSI is shaking around the overbought
area. As a result, traders should watch the
price action closely.
Expected Price Retreat: QR17.00 –
QR16.20
A breach below QR17.80 triggers the sell
recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 72.80 0.41 33,585
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 74.00 76.00 77.50
Support 71.00 70.00 62.70
Commentary
Overview:
GWCS is in consolidating phase and there
might be a chance for another bullish run.
The MACD on the daily chart is supporting
the scenario and the price is trading above
QR70.00 which is a strong support.
Expected Target Price: QR76.00 –
QR77.50
A break above QR74.00 triggers the buy
recommendation.
Suggested Stop-Loss Price: QR70.20
(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 12,409.13 12,344.20 12,374.20 12,392.73 12,422.72 12,452.72 12,471.25 12,501.24 12,010.40 12,095.26 12,716.14
Total Return 19,284.43 19,183.54 19,230.15 19,258.95 19,305.56 19,352.17 19,380.97 19,427.58 18,643.39 18,489.83 19,190.93
All Share 3,305.91 3,289.66 3,296.64 3,300.95 3,307.94 3,314.92 3,319.23 3,326.22 3,206.97 3,184.01 3,281.91
Al Rayan Islamic 4,720.10 4,688.29 4,701.05 4,708.93 4,721.69 4,734.45 4,742.33 4,755.09 4,510.01 4,375.22 4,442.57
Banks & Financials Services
MARK 45.10 44.43 44.82 45.05 45.43 45.82 46.05 46.43 47.51 46.90 49.27
CBQK 56.90 56.30 56.49 56.61 56.80 56.99 57.11 57.30 56.94 59.57 61.98
DHBK 55.70 55.37 55.52 55.61 55.77 55.92 56.01 56.17 53.14 54.85 56.85
QIBK 108.00 106.00 106.76 107.24 108.00 108.76 109.24 110.00 102.17 103.36 106.83
QIIK 79.70 78.77 79.23 79.51 79.97 80.43 80.71 81.17 79.72 81.50 83.66
Insurance
QATI 96.80 96.13 96.36 96.50 96.73 96.96 97.10 97.33 82.59 79.78 81.06
Consumer Goods & Services
MCGS 172.00 169.33 170.10 170.57 171.33 172.10 172.57 173.33 159.24 147.81 136.79
Industrials
IQCD 139.20 137.20 138.19 138.81 139.80 140.79 141.41 142.40 141.56 146.27 166.30
QEWS 214.00 210.60 211.78 212.52 213.70 214.88 215.62 216.80 201.05 196.43 191.91
GISS 78.10 75.43 76.46 77.10 78.13 79.16 79.80 80.83 87.17 92.82 103.50
QIGD 52.80 50.60 51.25 51.65 52.30 52.95 53.35 54.00 45.77 43.32 47.28
Real Estate
BRES 51.50 49.77 50.26 50.57 51.07 51.56 51.87 52.37 48.40 47.39 45.25
UDCD 23.30 22.95 23.06 23.13 23.23 23.34 23.41 23.51 22.35 23.20 25.23
ERES 21.00 20.53 20.69 20.79 20.96 21.12 21.22 21.39 17.17 16.36 17.42
MRDS 19.10 18.75 18.92 19.02 19.18 19.35 19.45 19.61 18.35 18.55 20.06
Telecommunication
ORDS 93.10 91.30 92.33 92.97 94.00 95.03 95.67 96.70 99.97 107.24 115.79
VFQS 17.40 17.21 17.32 17.39 17.49 17.60 17.67 17.77 17.50 17.04 18.28
Transportation
QGTS 22.23 22.05 22.15 22.22 22.32 22.42 22.49 22.59 22.59 23.27 23.60
QNNS 97.00 96.33 96.72 96.95 97.33 97.72 97.95 98.33 99.31 100.84 98.76
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 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
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
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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
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