- The document provides a daily technical analysis of stocks and indexes on the Qatar stock exchange. It includes commentary on the movement of indexes, expected resistance and support levels, and analyses of individual stocks like QEWS and GWCS. - Trading volumes were low on the QSE index despite it breaking above a resistance level, and the number of advanced/declined companies remained flat. This suggests the index is more likely to continue downward than correct upwards. - QEWS is forming a valid symmetrical triangle pattern which indicates a good chance of an upside breakout. The analysis provides expected target prices and buy/stop-loss levels. - GWCS has been trading near the lower edge of a downtrend channel

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Daily Technical Trader – Qatar
Monday, 28 December 2015
Stocks Covered Today
Ticker Price 1
st
Target
QEWS 211.20 215.00
GWCS 57.00 60.00
QSE Index
Level % Ch. Vol. (mn)
Last 10,302.80 0.43 4.3
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,500 10,700 10,900
Support 10,300 10,000 9,800
QSE Index Commentary
Overview:
Although the QE Index broke above the
stated first resistance in the above table, it
lacked traded volumes. Moreover, the
number of advanced/declined companies
remained flat and the Index reached an
important resistance level at 10,300. If
volumes remain low, then there is more
chance to continue down than to correct
upwards. The opposite is true.
Expected Resistance Level: 10,500
Expected Support Level: 10,300
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 27 Dec 23 Dec %Ch.
Value Traded (QR mn) 125.7 229.9 -45.3
Ex. Mkt. Cap. (QR bn) 544.6 541.6 0.6
Volume (mn) 3.7 6.3 -41.5
Number of Trans. 2,219 3,797 -41.6
Companies Traded 38 41 -7.3
Market Breadth 22:13 23:13 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,014.22 0.4 49.1
All Share Index 2,742.30 0.4 48.4
Banks 2,766.25 0.1 47.9
Industrials 3,079.44 1.2 50.6
Transportation 2,426.15 0.6 46.8
Real Estate 2,348.82 0.0 48.5
Insurance 4,139.87 -0.7 47.2
Telecoms 959.13 1.2 54.8
Consumer 5,933.20 -0.3 42.7
Al Rayan Islamic 3,807.50 0.2 46.8
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QCFS 34.20 0.0 0.3
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QEWS
Price % Ch. Volume
Last 211.20 1.05 2,092
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 212.00 215.00 217.00
Support 201.50 200.00 196.00
Commentary
Overview:
If we consider the price formation (seen
on the daily chart) as a valid symmetrical
triangle, then there is a good chance for
an upside (if the upper side of the triangle
is broken).
Expected Target Price: QR215.00 –
QR217.00
A breakaway above QR212.00 triggers
the buy recommendation.
Suggested Stop-Loss Price: QR201.50
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 57.00 0.00 3,817
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 57.50 60.00 61.50
Support 51.60 50.00 47.55
Commentary
Overview:
GWCS has been trading near the lower
edge of a downtrend channel as it
maintained a closing above the QR51.00
level for the past couple of weeks.
Although the QR57.00 is a tough
resistance to break, breaching above that
level could be a sign of a solid base being
formed for a good uptick.
Expected Target Price: QR60.00 –
QR61.50
A breakaway above QR57.50 triggers the
buy recommendation.
Suggested Stop-Loss Price: QR51.60
(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 10,302.80 10,233.45 10,253.81 10,266.39 10,286.76 10,307.12 10,319.70 10,340.07 10,798.02 11,166.07 11,578.54
Total Return 16,014.22 15,906.42 15,938.07 15,957.63 15,989.28 16,020.93 16,040.49 16,072.14 16,783.97 17,356.05 17,984.63
All Share 2,742.30 2,724.97 2,730.15 2,733.36 2,738.55 2,743.73 2,746.94 2,752.13 2,876.99 2,974.81 3,089.14
Al Rayan Islamic 3,807.50 3,768.91 3,781.83 3,789.81 3,802.72 3,815.64 3,823.62 3,836.53 4,051.24 4,233.17 4,398.01
Banks & Financials Services
MARK 37.00 36.40 36.69 36.86 37.15 37.44 37.61 37.90 39.41 41.31 43.95
CBQK 45.00 44.20 44.47 44.63 44.90 45.17 45.33 45.60 49.51 52.88 54.57
DHBK 43.95 43.58 43.70 43.77 43.88 44.00 44.07 44.18 46.97 49.06 51.07
QIBK 108.00 107.20 107.66 107.94 108.40 108.86 109.14 109.60 115.42 114.29 109.28
QIIK 64.40 62.60 63.13 63.47 64.00 64.53 64.87 65.40 70.10 72.93 76.32
Insurance
QATI 84.50 84.17 84.36 84.48 84.67 84.86 84.98 85.17 88.23 92.37 90.70
Consumer Goods & Services
MCGS 121.10 118.30 119.10 119.60 120.40 121.20 121.70 122.50 141.39 155.21 162.66
Industrials
IQCD 106.00 103.87 104.48 104.86 105.47 106.08 106.46 107.07 111.64 120.30 129.87
QEWS 211.20 208.27 209.11 209.63 210.47 211.31 211.83 212.67 209.77 211.11 210.33
GISS 52.00 50.33 50.94 51.32 51.93 52.54 52.92 53.53 56.63 60.10 71.57
QIGD 37.75 37.12 37.31 37.43 37.62 37.81 37.93 38.12 41.27 44.12 46.40
Real Estate
BRES 39.55 39.05 39.20 39.30 39.45 39.60 39.70 39.85 42.13 43.35 46.55
UDCD 20.40 20.40 20.40 20.40 20.40 20.40 20.40 20.40 22.24 23.14 23.19
ERES 16.21 15.98 16.08 16.14 16.24 16.34 16.40 16.50 17.29 17.87 17.61
MRDS 14.15 13.81 13.99 14.09 14.27 14.45 14.55 14.73 15.35 15.91 17.19
Telecommunication
ORDS 72.70 71.30 71.76 72.04 72.50 72.96 73.24 73.70 73.18 73.79 84.05
VFQS 12.45 12.27 12.35 12.41 12.49 12.57 12.63 12.71 12.83 13.48 15.24
Transportation
QGTS 23.25 23.02 23.09 23.14 23.22 23.29 23.34 23.42 24.04 23.16 22.83
QNNS 95.00 92.33 93.10 93.57 94.33 95.10 95.57 96.33 96.88 97.05 98.06
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:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar Shahan Keushgerian
Senior Research Analyst Head of Research Senior Research Analyst
Tel: (+974) 4476 6535 Tel: (+974) 4476 6534 Tel: (+974) 4476 6535
zaid.alnafoosi@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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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