1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Uptrend
The QE Index showcased yet another stellar performance and ended
the session at a new high above the 14,350.0 mark. The index has
been making higher tops and higher bottoms, and is moving along
the ascending trendline. We believe the index will continue its bull-run
and tag new highs. Further, both the momentum indicators are
providing bullish signals, indicating strength. On the flip side, 14,300.0
may act as a psychological support.
Industries Qatar: Short-Term – Upmove
IQCD advanced 1.28% and made further headway on Thursday. The
stock has been gaining strength over the past few days and is moving
along the ascending trendline. We believe based on the recent price
action and spike in volumes, the stock may clear QR198.0 to target
QR202.90 in the next few sessions. However, any failure to move
above QR198.0 may result in consolidation. Meanwhile, the RSI is
moving up in a bullish manner, indicating a potential rally.
Al Rayan Islamic Index: Short-Term – Upmove
The QERI Index, after taking a breather, rose around 42 points
(0.87%) to settle at its highest point of the day. The index found
support near 4,770.0 and continued to move northward, as the bulls
completely dominated the bears. We believe based on the current
higher push, the index will maintain its positive momentum. Moreover,
the index has support for an upmove from the strengthening RSI.
Conversely, the index may find support at the 4,812.0 level.
Ooredoo: Short-Term – Upmove
ORDS jumped 3.41% and breached both the resistances of
QR135.90 and QR138.50 in a single trading session. Moreover, the
stock ended in a sizable bullish candlestick formation, suggesting a
further rise. We believe the stock may extend its rally and test
QR141.0, followed by QR142.80. However, a dip below QR138.50
may halt its upmove. Meanwhile, the current prognosis implies further
upside, as both the momentum indicators are positively poised.
Qatar Electricity & Water Co.: Short-Term – Upmove
QEWS built on its gains and surpassed the resistances of QR194.0
and QR196.0 in a single swoop. Notably, volumes were also large,
indicating optimism among traders. We believe this strong breach of
resistances has bullish implications and provides an upside target of
QR200.0. Further, the RSI and the MACD lines are pointing higher,
thus supporting this positive sentiment. However, traders may
exercise caution if the stock slips below QR196.0 on a closing basis.
Masraf Al Rayan: Short-Term – Bounce Back
MARK gained 1.59% and cleared the important resistance of
QR57.30, after consolidating below it over the past few days.
Moreover, the stock formed a bullish Marubozu candlestick, indicating
a likely continuation of this rebound. Further, the RSI has shown a
bullish divergence and remains in the buy zone. Thus, traders may
consider buying the stock at the current level for an immediate target
of QR58.20, with a strict stop loss of QR57.30.

2. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Head of Research Senior Research Analyst Senior Research Analyst Manager - HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@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) 14,350.50 UP UP 14,300.00 14,225.39 14,400.00 14,500.00 Al Rayan Islamic Index (QERI Index) 4,843.47 UP UP 4,811.58 4,770.31 4,849.82 4,900.00 Banks and Financial Services
Banks and Masraf Al Rayan (MARK QD)*
57.40
UP
UP
57.30
55.80
58.20
59.90 Commercial Bank of Qatar (CBQK QD) 73.80 UP UP 72.40 70.70 74.30 75.00
Doha Bank (DHBK QD)
62.60
UP
UP
62.00
61.00
63.30
64.50 Qatar Islamic Bank (QIBK QD) 120.00 UP UP 119.90 117.40 121.00 125.00
Qatar International Islamic Bank (QIIK QD)
94.60
UP
UP
93.50
91.50
96.00
97.50 Qatar Insurance (QATI QD) 99.90 UP UP 99.00 98.00 100.00 101.90
Al Khalij Commercial Bank (KCBK QD)
22.90
UP
UP
22.85
22.49
23.23
23.50 Consumer Goods and Services
Consumer Goods Medicare Group (MCGS QD)
130.50
DOWN
UP
128.80
126.50
131.40
135.20
Al Meera Consumer Goods Co. (MERS QD)
187.40
DOWN
UP
185.00
183.00
187.80
190.00 Industrials
Industrials
Industries Qatar (IQCD QD)*
198.00
UP
UP
198.00
196.20
202.90
207.00 Qatar Electricity & Water Co. (QEWS QD)* 196.50 UP UP 196.00 194.00 200.00 205.00
Gulf International Services (GISS QD)
126.00
UP
UP
124.10
122.50
127.00
129.80 Qatari Investors Group (QIGD QD) 60.80 UP UP 60.60 59.00 61.30 62.40 Real Estate
Real Estate
Barwa Real Estate Co. (BRES QD)
42.65
UP
UP
42.50
41.80
43.20
43.80 United Development Co. (UDCD QD) 29.95 UP UP 29.50 29.05 30.00 30.45 Telecom
Telecom
Ooredoo (ORDS QD)*
139.60
UP
UP
138.50
135.90
141.00
142.80 Vodafone Qatar (VFQS QD) 22.40 UP UP 22.29 21.97 22.80 23.00 Transportation
Transportation
Nakilat (QGTS QD)
24.99
UP
UP
24.90
24.45
25.30
25.90 Milaha (QNNS QD) 97.00 UP UP 96.50 95.10 97.80 98.80