The document provides a daily technical analysis report on stocks traded on the Qatar Stock Exchange. It includes: 1) An analysis of the QSE Index showing it closed down 0.7% after rising for the previous two days, and resistance and support levels are identified. 2) Summaries and technical analyses of two stocks, IHGS and VFQS, including current prices, resistance and support levels, and commentary on recent trends and expected price movements. 3) Tables with market indicators, index levels, and moving average values for stocks.

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Daily Technical Trader – Qatar
Sunday, 03 May 2015
Stocks Covered Today
Ticker Price 1
st
Target
IHGS 121.70 129.00
VFQD 16.90 16.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,164.48 -0.7 12.8
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,200 12,400 12,600
Support 12,100 12,000 11,800
QSE Index Commentary
Overview:
The QSE Index rose by almost 1% since
last week’s closing, yet it closed losing -
0.7% on daily basis. The drop wiped two
days of gains and could be the start of a
possible correction. If such correction
takes place, then we expect the 12,100
level to be a soft support. Once that
support is broken, then we are looking at
12,000 as the major support.
Expected Resistance Level: 12,400
Expected Support Level: 12,100
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 30 Apr 15 29 Apr 15 %Ch.
Value Traded (QR mn) 441.7 726.9 -39.2
Ex. Mkt. Cap. (QR bn) 653.8 657.1 -0.5
Volume (mn) 8.5 14.7 -42.2
Number of Trans. 5,545 7,018 -21.0
Companies Traded 41 42 -2.4
Market Breadth 12:26 20:20 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,904.24 -0.7 61.4
All Share Index 3,250.66 -0.6 62.2
Banks 3,241.35 -0.8 57.2
Industrials 4,038.32 -0.8 60.9
Transportation 2,503.00 0.4 64.9
Real Estate 2,621.39 -0.8 65.5
Insurance 4,185.24 0.3 59.4
Telecoms 1,304.90 1.2 40.8
Consumer 7,355.43 0.2 67.4
Al Rayan Islamic 4,617.29 -0.6 69.1
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QEWS 215.80 1.6 83.4
MERS 239.00 0.0 75.3
MCGS 171.90 1.4 75.1
GWCS 72.00 0.0 74.9
BRES 50.80 -0.2 70.7
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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IHGS
Price % Ch. Volume
Last 121.70 4.91 363,961
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 125.00 129.00 132.00
Support 116.00 113.50 112.00
Commentary
Overview:
IHGS broke above the Symmetrical
Triangle price formation. Such break is
vital for a strong bullish leg to be
established. It is worth noting that
QR125.00 is a very crucial resistance
level that needs to be breached to sustain
the bullish move.
Expected Target Price: QR129.00 –
QR132.00
A break above QR125.00 is needed to
trigger the long position recommendation.
Suggested Stop-Loss Price: Below
QR116.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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VFQS
Price % Ch. Volume
Last 16.90 -0.76 1,953,889
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 17.20 17.50 18.20
Support 16.80 16.00 15.75
Commentary
Overview:
The name has been in a trading range
since last February. Moreover, it has been
experiencing selling pressure since the
middle of April. This weakness might
continue especially if the bottom of the
range is breached downwards.
Expected Price Retreat: QR16.00
A break below QR16.80 triggers the sell
recommendation.
(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 12,164.48 12,104.29 12,138.78 12,160.09 12,194.57 12,229.06 12,250.37 12,284.85 11,965.70 12,044.43 12,774.88
Total Return 18,904.24 18,810.71 18,864.30 18,897.41 18,951.01 19,004.60 19,037.71 19,091.31 18,439.02 18,274.79 19,208.93
All Share 3,250.66 3,237.60 3,245.08 3,249.71 3,257.19 3,264.67 3,269.30 3,276.78 3,178.23 3,145.06 3,280.86
Al Rayan Islamic 4,617.29 4,598.80 4,609.40 4,615.94 4,626.53 4,637.13 4,643.67 4,654.26 4,393.13 4,250.81 4,411.50
Banks & Financials Services
MARK 48.50 47.93 48.26 48.46 48.78 49.11 49.31 49.63 47.45 46.47 49.91
CBQK 56.40 56.00 56.23 56.37 56.60 56.83 56.97 57.20 59.21 60.35 62.49
DHBK 54.70 54.03 54.38 54.59 54.93 55.28 55.49 55.83 53.12 54.85 57.08
QIBK 100.50 99.30 99.99 100.41 101.10 101.79 102.21 102.90 101.20 102.19 106.77
QIIK 81.00 79.93 80.28 80.49 80.83 81.18 81.39 81.73 81.80 81.35 84.12
Insurance
QATI 80.70 78.57 79.18 79.56 80.17 80.78 81.16 81.77 78.47 76.79 79.86
Consumer Goods & Services
MCGS 172.10 169.37 170.25 170.79 171.67 172.55 173.09 173.97 151.61 136.96 130.25
Industrials
IQCD 145.10 143.70 144.46 144.94 145.70 146.46 146.94 147.70 142.80 151.40 169.20
QEWS 212.10 211.10 211.56 211.84 212.30 212.76 213.04 213.50 192.30 190.95 189.30
GISS 89.20 87.33 88.14 88.63 89.43 90.24 90.73 91.53 90.96 94.05 106.00
QIGD 47.90 47.37 47.52 47.61 47.77 47.92 48.01 48.17 42.77 41.18 47.54
Real Estate
BRES 50.20 49.53 49.92 50.15 50.53 50.92 51.15 51.53 47.78 45.89 44.45
UDCD 22.56 22.50 22.53 22.56 22.59 22.62 22.65 22.68 22.40 23.13 25.55
ERES 17.00 16.84 16.91 16.96 17.03 17.10 17.15 17.22 16.13 15.68 17.73
MRDS 18.87 18.58 18.69 18.76 18.86 18.97 19.04 19.14 18.10 18.29 19.98
Telecommunication
ORDS 99.50 95.57 96.79 97.54 98.77 99.99 100.74 101.97 105.12 110.63 118.85
VFQS 16.90 16.74 16.82 16.87 16.95 17.03 17.08 17.16 17.56 16.76 18.45
Transportation
QGTS 22.76 22.53 22.61 22.65 22.72 22.80 22.84 22.91 23.17 23.22 23.68
QNNS 100.80 99.67 100.01 100.22 100.57 100.91 101.12 101.47 101.95 99.97 98.36
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
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,
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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
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