1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index breached the 9,700.0 level and gained around 63
points (0.65%) to advance for the third consecutive day. The index
ended last week with a positive resolution and successfully closed
above the 9,750.0 mark, signifying a shift in underlying sentiment.
The index faces important resistance near the 9,800.0 level and the
descending trend line, which needs to be surpassed for the current
uptrend to remain intact. Both indicators support a higher move.
Barwa Real Estate Co.: Short-Term – Bounce Back
BRES breached the long-term descending trend line which is in
proximity to the 55-day moving average and the QR26.10 level in a
single trading session. Moreover, the stock breached this resistance
for the first time since August. Volumes have also picked up on the
breakout indicating strength. With both the momentum indicators
pointing higher, it looks like the preferred direction for BRES is on the
upside. We believe BRES may breach QR26.40, targeting QR26.85.
Al Rayan Islamic Index: Short-Term – Bounce Back
The QERI Index continued it’s up move and cleared the descending
trend line and the 2,800 level along with the 55-day moving average
(currently at 2,799.98) in a single swoop. Bulls were in full command
throughout the day pushing the price higher. We believe this breakout
above the 2,800.0 level has bullish implications and the index is now
poised to test and surpass the 2,815.0 level, targeting the 2,825.0
level. Moreover, the RSI and MACD lines are pointing higher.
Qatar Electricity & Water Co.: Short-Term – Bounce Back
QEWS cleared the resistances of QR159.80 and the 55-day moving
average (currently at QR160.79) after consolidating below this level
for a few weeks. Notably, volumes were also high on the breakout
which is a positive sign. If QEWS can hold the 55-day moving
average on a closing basis, it may continue to advance higher toward
the QR162.0. Meanwhile, both indicators look strong with no
immediate trend reversal signs, thus supporting our bullish outlook.
Al Meera Consumer Good Co.: Short-Term – Bounce Back
MERS penetrated above the QR135.0 level and the bearish trend line
resistances on the back of large volumes. The stock has been moving
aggressively over the past two days and is now marching toward the
QR137.0 level and has strong momentum going in. If MERS clears
this level traders should watch out for a test of the QR137.50 level.
Moreover, the RSI has shown a bullish divergence, while the MACD
is diverging away from the signal line in a bullish manner.
Qatari Investors Group: Short-Term – Bounce Back
QIGD surpassed the QR29.85 and the descending trend line
resistances on Thursday, which had restricted its bullish move in the
past on the back of large volumes. Hence, it appears that the current
higher push has enough steam to test and surpass the resistance at
QR30.90, targeting the QR31.25 level. Moreover, the bullish RSI and
rising MACD lines provide the stock an upward bias. However, a dip
below the descending trend line at QR30.0 may halt its up move.

2. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of Trading Head of Sales Manager - HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts, 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. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 2 of 2
*These stocks are today’s suggested ideas
Overall Methodology: The charts and descriptions on Page 1 provide an indicative view of the future direction of the equities mentioned. The table on page 2 has been provided to denote historical movements in certain stocks. The historical trend analysis uses 21- and 55-
day SMAs for indicating short-term and long-term trends, respectively. Based on these SMAs, the historical direction of the trend is denoted as UP, DOWN or FLAT.
Selection of Key Stocks of the Day: Key stocks’ selection is based on our analysis of 19 members of the QE Index (excludes QNBK QD). Analysis includes identifying trends (short-term as well as long-term), patterns and support/resistance levels.
Trend Direction: The methods used to determine trend direction are subjective in nature. We use 21-day SMA and 55-day SMA, absolute price movements, price movements relative to SMAs and accurately drawn trend lines and chart patterns to determine the short- and
long-term trends.
Investment Horizon: The definition of short term and long term depends upon investors’ preferences and their investment objectives. As a rule of thumb, the time horizon for traders/short-term trend is 1-3 weeks while it is 1-3 months for investors/long-term trend.
Combining Technical and Fundamental Analysis: Investors can combine technical analysis (TA) with fundamental analysis (FA) to maximize their investment returns. While the “True Value” of stocks could be estimated by FA, the entry and exit timings could be fine
tuned using technical analysis to benefit from short-term movements in stock prices.
Trading Tactics: The trend direction should be analyzed based on the time-horizon of your investments. In general, investors attempt selling close to resistance levels during a downtrend and attempt buying close to support levels during uptrend.
Definitions:
1> Simple Moving Average (SMA): A SMA is the average of the closing price of a security for a given period.
2> RSI (Relative Strength Index): A technical momentum indicator that ranges from 0 to 100 and compares the stock’s recent price movements by evaluating recent gains and losses. Stocks with RSI above 70 could be considered overbought and below 30 could be
considered oversold. If the RSI falls below 70, it is a bearish signal. On the other hand, if the RSI rises above 30 it is considered bullish. We use a RSI of 14 days.
3> MACD (Moving Average Convergence Divergence): MACD denotes the relationship between two moving averages, which is used to spot changes in strength, direction, momentum and duration of a stock price trend. The MACD is calculated by subtracting the 26-day
exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, is also plotted on top of the MACD, functioning as a trigger for buy/sell signals. The MACD line above the signal line provides a positive signal and vice versa.
Name (Ticker) Last Close Trend Support Resistance
Short Term Long Term First Second First Second
Qatar Exchange Index (QE Index) 9,761.03 UP UP 9,500.00 9,440.00 10,200.00 10,350.00
Al Rayan Islamic Index (QERI Index) 2,805.35 UP UP 2,700.00 2,600.00 2,950.00 3,000.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.15 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD) 68.60 UP DOWN 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD) 54.40 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 68.70 UP FLAT 65.00 64.30 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.70 UP UP 47.90 45.00 60.80 61.50
Qatar Insurance (QATI QD) 60.60 UP FLAT 58.50 57.00 62.30 63.30
National Leasing Holding Co. (NLCS QD) 34.55 FLAT DOWN 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (WDAM QD) 51.60 UP UP 47.50 46.70 69.10 78.50
Al Meera Consumer Goods Co. (MERS)* 136.20 UP UP 129.90 128.50 138.50 140.15
Industrials
Industries Qatar (IQCD QD) 151.90 DOWN DOWN 144.10 142.00 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD)* 160.90 UP UP 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 53.70 UP UP 30.50 29.50 56.25 58.15
Qatari Investors Group (QIGD QD)* 30.25 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD)* 26.15 UP UP 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 22.10 UP FLAT 17.06 16.00 25.30 25.90
Telecom
Ooredoo (ORDS QD) 140.90 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.07 UP FLAT 8.50 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.69 UP UP 15.08 14.52 21.15 21.70
Milaha (QNNS QD) 81.90 UP UP 58.20 56.70 84.90 86.50