This document provides a daily technical analysis report on stocks traded on the Qatar stock exchange. It summarizes the performance of the QSE index and various stocks. The key points are: 1) The QSE index breached the 11,500 resistance level and closed above it, indicating the upward movement may continue to 11,600 resistance. Technical indicators also show an upward trend. 2) Two stocks, QIIK and GISS, are analyzed. For QIIK, the report expects the price to reach 79.40 then 80.00 if momentum picks up. For GISS, two forces are at play - resistance and a bullish pattern. The report leans towards the bullish pattern and expects

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Daily Technical Trader – Qatar
Tuesday, 31 March 2015
Stocks Covered Today
Ticker Price Target
QIIK 78.00 79.40
GISS 91.50 95.00
QSE Index
Level % Ch. Vol. (mn)
Last 11,586.83 0.9 4.8
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 11,600 11,760 11,960
Support 11,500 11,450 11,350
QSE Index Commentary
Overview:
The QSE Index breached the 11,500
resistance and closed above it, indicating
the up movement on the Index may
continue to the 11,600 which happens to
be the next significant resistance level.
The good news is that the MACD on the
daily is turning up while it is already above
the zero line on the intraday. In addition,
the RSI is clearly above the oversold area
on the daily chart.
Expected Resistance Level: 11,500
Expected Support Level: 11,350
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 30 Mar 15 29 Mar 15 %Ch.
Value Traded (QR mn) 394.7 317.7 24.2
Ex. Mkt. Cap. (QR bn) 627.2 620.7 1.1
Volume (mn) 7.7 7.4 4.4
Number of Trans. 5,604 3,571 56.9
Companies Traded 41 40 2.5
Market Breadth 27:10 27:11 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,005.03 1.3 45.7
All Share Index 3,105.12 1.3 44.7
Banks 3,153.73 1.2 45.5
Industrials 3,808.94 1.8 43.3
Transportation 2,384.66 0.2 36.6
Real Estate 2,383.40 1.6 50.1
Insurance 4,147.07 0.7 55.1
Telecoms 1,325.42 1.2 40.8
Consumer 6,844.58 0.6 34.0
Al Rayan Islamic 4,248.73 1.4 47.1
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QFLS 177.80 0.9 25.9
ORDS 99.90 -3.0 26.0
CBQK 56.40 -0.4 26.2
QGTS 22.11 -0.9 26.6
UDCD 21.05 0.4 26.6
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QIIK
Price % Ch. Volume
Last 78.00 0.26 51,356
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 78.30 79.40 80.00
Support 77.10 75.00 74.30
Commentary
Overview:
The name stabilized above the QR75.00
level and might extend its gains a little
further. Over the past two weeks, the
stock created a small range and it
bounced off the lower end of the range
upwards. We expect that the stock could
reach QR79.40 then QR80.00 if
momentum picks up. A break above
QR80.00 will confirm a bullish Double-
Bottom formation.
Expected Target Price: QR79.40 –
QR80.00
A break above QR78.30 triggers the long
position recommendation.
Suggested Stop-loss Price: QR77.10
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GISS
Price % Ch. Volume
Last 91.50 2.23 242,393
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 91.50 95.00 99.00
Support 89.40 87.00 82.00
Commentary
Overview:
The name reached the upper boundary of
the downtrend channel. Two forces are in
play, the resistance force of the previous
bottoms in combination with the upper
side of the downtrend line vs. the Double
Bottom (which is a bullish reversal
pattern). Based on technical indicators, we
lean towards the latter.
Expected Target Price: QR95.00 –
QR99.00
A break above QR91.50 triggers the buy
recommendation.
Suggested Stop-loss Price: QR89.40
(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 11,586.83 11,431.20 11,478.46 11,507.66 11,554.93 11,602.19 11,631.39 11,678.66 12,100.90 12,390.67 12,838.28
Total Return 18,005.03 17,763.18 17,836.63 17,882.01 17,955.45 18,028.90 18,074.28 18,147.72 18,326.89 18,619.82 19,217.62
All Share 3,105.12 3,061.79 3,074.20 3,081.87 3,094.29 3,106.70 3,114.37 3,126.79 3,161.69 3,196.43 3,278.64
Al Rayan Islamic 4,248.73 4,181.51 4,200.90 4,212.88 4,232.27 4,251.66 4,263.64 4,283.03 4,276.79 4,266.50 4,376.64
Banks & Financials Services
MARK 47.05 46.78 46.92 47.00 47.13 47.27 47.35 47.48 46.80 46.60 50.28
CBQK 56.40 55.27 55.76 56.07 56.57 57.06 57.37 57.87 61.68 62.60 62.78
DHBK 50.10 49.77 49.88 49.95 50.07 50.18 50.25 50.37 55.63 56.34 57.74
QIBK 99.60 98.07 98.53 98.81 99.27 99.73 100.01 100.47 103.56 103.53 105.77
QIIK 78.00 76.60 77.06 77.34 77.80 78.26 78.54 79.00 82.84 82.40 84.21
Insurance
QATI 78.50 78.50 78.50 78.50 78.50 78.50 78.50 78.50 77.61 77.58 78.82
Consumer Goods & Services
MCGS 142.50 138.77 139.95 140.68 141.87 143.05 143.78 144.97 139.93 130.80 121.87
Industrials
IQCD 135.00 130.47 131.99 132.94 134.47 135.99 136.94 138.47 146.44 162.62 173.09
QEWS 189.90 186.70 187.62 188.18 189.10 190.02 190.58 191.50 190.93 189.13 187.73
GISS 91.50 88.70 89.50 90.00 90.80 91.60 92.10 92.90 96.76 100.00 106.43
QIGD 38.85 37.35 37.79 38.06 38.50 38.94 39.21 39.65 40.90 41.72 49.20
Real Estate
BRES 44.50 42.87 43.38 43.70 44.22 44.73 45.05 45.57 47.28 46.15 43.50
UDCD 21.05 20.82 20.92 20.97 21.06 21.16 21.21 21.30 23.71 24.22 25.88
ERES 15.58 15.15 15.28 15.36 15.48 15.61 15.69 15.81 15.71 16.11 18.29
MRDS 17.89 17.43 17.58 17.68 17.83 17.98 18.08 18.23 19.53 20.03 20.81
Telecommunication
ORDS 99.90 97.03 98.33 99.13 100.43 101.73 102.53 103.83 112.01 114.88 122.95
VFQS 17.70 17.39 17.49 17.55 17.66 17.76 17.82 17.93 17.00 16.95 18.61
Transportation
QGTS 22.11 21.86 21.98 22.06 22.19 22.31 22.39 22.52 23.86 23.55 23.68
QNNS 98.50 98.17 98.36 98.48 98.67 98.86 98.98 99.17 102.88 100.44 97.47
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 QNB Financial Services SPC
Head of Research Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 PO Box 24025
saugata.sarkar@qnbfs.com.qa Doha, Qatar
Sahbi Kasraoui Ahmed Al-Khoudary
Manager – HNWI Head of Sales Trading – Institutional
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
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.