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Daily Technical Trader – Qatar
Sunday, 30 November 2014
Stocks Covered Today Ticker Price Direction Tgt.
MARK
48.25
Down
45.00
QEWS
190.00
Up
208.00
QSE Index Price % Ch. Vol. (mn)
Last
13,330.93
-1.4
6.5
Resistance/Support (Daily) Levels 1st 2nd 3rd
Resistance
13,450
13,550
13,660
Support
13,240
12,900
12,500
QSE Index Commentary
Overview:
The Index made another low last session but ended at 13,330.93 on strong support. However, the daily chart reveals that the Index is going through a correction that might continue further. This continuation will be confirmed if the Index trades below 13,180. The Index may rebound to the 13,450 level but we recommend traders to sell this bounce as we see several bearish signals on both the daily and the intra-day charts.
Expected Target: 13,400
Sell the bounces on the Index.
Suggested Stop-Loss: 13,200
Closing below means the expected continuation of the bearish leg to the 13,000 level.
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary Market Indicators 27 Nov 14 26 Nov 14 %Ch.
Value Traded (QR mn)
828.5
650.1
27.4
Ex. Mkt. Cap. (QR bn)
727.7
735.1
-1.0
Volume (mn)
14.7
8.0
83.8
Number of Trans.
7,262
5,272
37.7
Companies Traded
42
42
0.0
Market Breadth
4:37
22:18
–
QE Indices Market Indices Close 1D% RSI
Total Return
19,882.96
-1.4
44.4
All Share Index
3,388.77
-1.4
46.0
Banks
3,412.26
-1.0
52.7
Industrials
4,391.82
-0.5
39.2
Transportation
2,391.91
-0.8
53.7
Real Estate
2,640.98
-3.4
45.4
Insurance
3,881.93
-1.6
38.9
Telecoms
1,445.87
-1.0
34.3
Consumer
7,429.57
-3.2
64.5
Al Rayan Islamic
4,482.20
-2.1
46.6
RSI 14 (Over Bought) Ticker Close 1D% RSI
IHGS
203.90
2.8
74.3
RSI 14 (Over Sold) Ticker Close 1D% RSI
NLCS
23.24
-4.1
26.1
QIGD
45.00
-1.5
30.7
QSE Index (30Min)
Source: Bloomberg, QNBFS Research

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MARK Price % Ch. Volume
Last
48.25
-3.21
1,705,749
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
50.00
51.50
52.50
Support
47.20
45.00
40.50
Commentary
Overview:
The Shari’ah compliant bank is at a critical level. It experienced a sharp drop over the past six sessions, losing almost 8.0% from the previous peak. The bank is showing bearish momentum over the medium term and we expect this bearishness to continue due to multiple technical factors. The RSI on the weekly chart is showing a drop below the neutral line. The MACD, although still above zero, is pointing downwardsand its Histogram is also showing weak signals. On the daily, the bank is in a short-term downtrend and this may continue as the price closed below all of its SMAs. The MACD is below the zero line and has intercepted its signal line to the negative. All the previous suggests the bank is expected to experience further weakness.
Expected Target: QR45.00
Any bounce for the name may be used to offload previous positions. The expected target might be reached if the QR47.40 is breached.
(Weekly)
Source: Bloomberg, QNBFS Research (Daily)
Source: Bloomberg, QNBFS Research

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QEWS Price % Ch. Volume
Last
190.00
-0.68
51,891
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
194.50
196.50
208.70
Support
188.70
187.30
185.00
Commentary
Overview:
The name made a symmetrical triangle, which is a continuation pattern for the bullish movement it experienced over the past year. The weekly chart shows a possible cross of the MACD against its signal line upward. The RSI is at the neutral area. On the daily, the MACD is showing some weakness as the name is going through price stability and making a possible range over the short term. MACD, nonetheless, is still over the zero line. The previous suggests the following:
Consolidation may take place between the QR190.00 and the QR187.00 levels. This consolidation can be used to build positions poised for further rise over the medium term.
Expected Target: QR208.00
Consolidation above the QR187.00 can be used to accumulate. A break above the QR190.00 should confirm the pattern.
Suggested Stop-Loss: QR185.00
A break below the level breaches the lower boundary of the triangle, which is a confirmation that the pattern was a bull trap.
(Weekly)
Source: Bloomberg, QNBFS Research (Daily)
Source: Bloomberg, QNBFS Research

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Intra-day Fibonacci Support and Resistance Levels Daily Moving Averages* Support Levels Resistance Levels Ticker Close 3rd 2nd 1st Pivot 1st 2nd 3rd 50 SMA 100 SMA 200 SMA
QSE Index
13,518.35
13,370.71
13,413.01
13,439.14 13,481.44
13,523.74
13,549.87
13,592.17
13,730.04
13,273.09
12,635.70
Total Return
20,162.50
19,942.29
20,005.38
20,044.36 20,107.45
20,170.54
20,209.52
20,272.61
20,478.22
19,796.22
18,704.59
All Share
3,435.94
3,402.67
3,412.20
3,418.09 3,427.62
3,437.15
3,443.04
3,452.57
3,470.45
3,357.11
3,195.69
Al Rayan Islamic
4,580.22
4,540.87
4,552.25
4,559.28 4,570.67
4,582.05
4,589.08
4,600.47
4,661.11
4,483.63
4,096.10 Banks & Financial Services
MARK
49.85
48.85
49.14
49.31 49.60
49.89
50.06
50.35
54.98
54.21
48.32
CBQK
73.90
72.63
73.09
73.37 73.83
74.29
74.57
75.03
71.37
69.05
66.85
DHBK
59.80
58.20
58.66
58.94 59.40
59.86
60.14
60.60
60.06
59.23
61.27
QIBK
105.80
104.60
105.17
105.53 106.10
106.67
107.03
107.60
115.97
107.64
94.39
QIIK
85.00
84.07
84.60
84.93 85.47
86.00
86.33
86.87
88.56
85.96
81.50 Insurance
QATI
92.50
90.17
91.31
92.02 93.17
94.31
95.02
96.17
98.45
91.44
79.90 Consumer Goods & Services
MCGS
133.80
131.40
132.09
132.51 133.20
133.89
134.31
135.00
129.47
111.71
91.13 Industrials
IQCD
189.50
186.10
187.17
187.83 188.90
189.97
190.63
191.70
189.77
183.34
183.55
QEWS
191.30
188.57
189.64
190.30 191.37
192.44
193.10
194.17
187.81
186.50
181.17
GISS
112.80
107.00
108.87
110.03 111.90
113.77
114.93
116.80
120.98
111.94
95.19
QIGD
45.70
44.03
44.76
45.21 45.93
46.66
47.11
47.83
56.91
57.11
56.10 Real Estate
BRES
50.30
48.83
49.25
49.51 49.93
50.35
50.61
51.03
41.10
40.79
37.99
UDCD
27.45
26.95
27.14
27.26 27.45
27.64
27.76
27.95
28.81
27.53
25.13
ERES
18.50
18.24
18.35
18.42 18.53
18.64
18.71
18.82
19.50
20.59
21.27
MRDS
22.69
22.33
22.49
22.58 22.74
22.90
22.99
23.15
23.99
21.43
18.54 Telecommunication
ORDS
117.50
114.70
115.85
116.55 117.70
118.85
119.55
120.70
129.14
131.94
139.07
VFQS
18.15
17.58
17.76
17.86 18.03
18.21
18.31
18.48
21.16
20.27
17.20 Transportation
QGTS
24.08
23.67
23.80
23.89 24.03
24.16
24.25
24.39
24.32
23.80
22.91
QNNS
101.70
98.10
99.17
99.83 100.90
101.97
102.63
103.70
95.55
94.35
94.18
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
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, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or 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 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. This report may not be reproduced in whole or in part without permission from QNBFS.