This document provides a daily technical analysis of stocks traded on the Qatar Stock Exchange. It summarizes the performance of the QSE Index and selected stocks, and provides commentary and technical analysis on the index and two stocks (QIBK and QEWS). The index fell 1.9% and closed at 12,327.62 points, amid mixed technical signals and market indecision. QIBK is expected to retreat to 102.10-100.00 due to failure to break resistance and sell signals. QEWS is also expected to retreat to 187.00-185.00 if it cannot break the 193.00 resistance level.

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Daily Technical Trader – Qatar
Wednesday, 31 December 2014
Stocks Covered Today
Ticker Price Target
QIBK 103.10 102.10
QEWS 188.50 185.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,327.62 -1.9 19.6
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,430 12,600 12,800
Support 12,200 11,430 10,900
QSE Index Commentary
Overview:
The QSE followed suit with oil prices and
regional markets; the Index lost 1.9%.
Technical indicators on multiple time
frames are giving mixed signals.
Furthermore, the Index created a long
legged Doji candlestick. All of this
indicates indecision by market
participants. In conclusion, listed
constituents are looking for a clear
direction amid persistent market volatility
facing the exchange lately.
Expected Target Level: 12,600
A break above the 12,430 level should
propel the Index back to the 12,600.
Volatility is expected to persist.
Suggested Stop-Loss Level: 12,430
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 30 Dec 14 29 Dec 14 %Ch.
Value Traded (QR mn) 1,050.1 872.7 20.3
Ex. Mkt. Cap. (QR bn) 677.8 690.7 -1.9
Volume (mn) 23.4 28.0 -16.4
Number of Trans. 10,596 10,612 -0.2
Companies Traded 43 42 2.4
Market Breadth 5:35 38:1 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,386.53 -1.9 47.3
All Share Index 3,158.25 -1.6 48.5
Banks 3,215.19 -0.7 49.1
Industrials 4,083.10 -1.4 49.4
Transportation 2,265.44 -2.0 49.8
Real Estate 2,269.08 -4.2 43.6
Insurance 3,958.03 0.6 61.4
Telecoms 1,438.03 -2.2 50.7
Consumer 6,874.66 -2.7 47.8
Al Rayan Islamic 4,117.23 -2.4 47.4
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QGRI 59.90 9.1 83.2
QCFS 48.00 0.0 73.3
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QIBK
Price % Ch. Volume
Last 103.10 -2.37 105,758
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 105.60 107.50 110.00
Support 102.10 100.00 96.00
Commentary
Overview:
The bank made its way to QR107.50 top
and could not maintain the level. The
name slipped by session end, creating
what is known as a Tombstone Doji in
addition to the Spinning Top Doji created
the day before. Both candlesticks signify
indecision. When such candles are
created in combination at a top, we
believe it is more likely to see the price
lose ground than maintain its upward
momentum. It is clear that the resistance
at QR107.50 was overwhelming; the
name is trading below its 50SMA and
100SMA resistance levels while trying to
maintain its position above the 200SMA
support level. The MACD is below the
zero line and the Histogram has tilted
down, indicating more weakness to come.
Moreover, on the hourly chart, we see the
bank failed to break above the downtrend
line and broke below the intraday uptrend
line (denoted with the red-dashed line).
Expected Price Retreat: QR102.10 –
QR100.00
Although indecision dominates among
market participants, weakness is expected
on the name and a break below the
QR103.00 level will be the sell trigger for
this recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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QEWS
Price % Ch. Volume
Last 188.50 -1.57 73,174
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 193.00 198.00 208.70
Support 187.00 185.00 180.00
Commentary
Overview:
QEWS tried to break the QR193.00 level
for the fourth consecutive day, creating
what is known as an Advanced Block
pattern. The QR193.00 price has proven
to be a tough resistance to break.
Previous tops were built at the level, while
a downtrend line is also bundled in the
area. The failure to break above this level
is a strong sign that sellers were in control
and may continue to do so. Unless the
name breaks the QR193.00 price, we
predict the price could lose momentum as
exhibited by its daily MACD and RSI. On
the other hand, it is important to mention
that the 50SMA and the 100SMA are
trenched at the QR187.00 level which
could provide a supporting cushion.
Expected Price Retreat: QR187.00 –
QR185.00
If the price does not rebound above the
QR193.00 price level, we could see
continuation of selling pressure.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intra-day 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 12,327.62 12,055.59 12,166.37 12,234.81 12,345.60 12,456.38 12,524.82 12,635.61 13,018.40 13,354.64 12,959.67
Total Return 18,386.53 17,980.79 18,146.02 18,248.11 18,413.34 18,578.57 18,680.66 18,845.89 19,416.83 19,918.32 19,316.17
All Share 3,158.25 3,085.38 3,113.23 3,130.43 3,158.27 3,186.12 3,203.32 3,231.16 3,306.21 3,383.24 3,290.49
Al Rayan Islamic 4,117.23 3,982.63 4,037.20 4,070.92 4,125.49 4,180.06 4,213.78 4,268.35 4,369.08 4,517.89 4,317.79
Banks & Financials Services
MARK 44.75 43.65 44.20 44.55 45.10 45.65 46.00 46.55 48.32 51.84 50.58
CBQK 68.50 65.83 66.79 67.38 68.33 69.29 69.88 70.83 71.08 70.83 68.76
DHBK 57.40 55.33 55.98 56.38 57.03 57.68 58.08 58.73 57.69 58.85 59.83
QIBK 103.10 101.90 102.59 103.01 103.70 104.39 104.81 105.50 105.59 110.49 100.14
QIIK 82.00 78.33 79.48 80.19 81.33 82.48 83.19 84.33 83.54 85.90 83.88
Insurance
QATI 90.50 86.50 87.84 88.66 90.00 91.34 92.16 93.50 91.84 94.70 85.73
Consumer Goods & Services
MCGS 115.10 111.03 112.94 114.12 116.03 117.94 119.12 121.03 122.63 125.91 104.59
Industrials
IQCD 172.30 167.43 168.96 169.91 171.43 172.96 173.91 175.43 185.73 186.44 183.69
QEWS 188.50 184.50 186.22 187.28 189.00 190.72 191.78 193.50 187.16 187.31 185.14
GISS 98.90 93.63 95.93 97.34 99.63 101.93 103.34 105.63 108.37 114.63 103.99
QIGD 41.00 38.47 39.54 40.20 41.27 42.34 43.00 44.07 44.86 51.49 55.78
Real Estate
BRES 42.00 37.87 39.49 40.49 42.12 43.74 44.74 46.37 45.19 43.07 40.99
UDCD 23.80 23.07 23.30 23.44 23.67 23.90 24.04 24.27 25.52 27.39 25.90
ERES 15.16 14.15 14.59 14.86 15.31 15.75 16.02 16.47 17.54 18.58 21.37
MRDS 19.10 17.72 18.29 18.63 19.20 19.77 20.11 20.68 21.62 22.67 20.43
Telecommunication
ORDS 119.00 117.87 118.25 118.48 118.87 119.25 119.48 119.87 119.27 124.47 132.88
VFQS 16.35 15.48 15.85 16.07 16.43 16.80 17.02 17.38 18.07 19.58 18.43
Transportation
QGTS 22.90 22.17 22.44 22.61 22.87 23.14 23.31 23.57 23.44 23.96 23.34
QNNS 96.00 93.40 94.32 94.88 95.80 96.72 97.28 98.20 97.91 96.54 95.43
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.