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Daily Technical Trader – Qatar
Wednesday, 07 January 2015
Stocks Covered Today
Ticker Price Target
DHBK 54.00 55.00
GWCS 53.50 51.90
QSE Index
Level % Ch. Vol. (mn)
Last 11,811.75 -1.5 9.1
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,000 12,200 12,430
Support 11,800 11,430 10,900
QSE Index Commentary
Overview:
Moving averages are above the Index
level on the daily and the intraday charts.
This means that the overall trend is still
down, and it is expected to continue this
way. Moreover, indicators are providing
mixed signals. On the daily chart,
indicators are still bearish as the MACD is
below zero and still pointing down, while
the RSI is trending down. On the other
hand, the intraday chart is showing that
the MACD is still below the zero but it is
fighting its way upward. The RSI is
breaking above the oversold area. Thus,
over the very short-term, the index may
experience a possible bounce.
First Resistance Level: 12,000
If a bounce takes place, strong selling
pressure may take place at this level.
First Support Level: 11,800
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 06 Jan 15 05 Jan 15 %Ch.
Value Traded (QR mn) 475.9 309.2 53.9
Ex. Mkt. Cap. (QR bn) 654.3 662.4 -1.2
Volume (mn) 11.7 7.4 58.1
Number of Trans. 7,514 5,998 25.3
Companies Traded 41 40 2.5
Market Breadth 8:31 5:33 –
QE Indices
Market Indices Close 1D% RSI
Total Return 17,617.11 -1.5 39.4
All Share Index 3,035.74 -1.4 40.5
Banks 3,081.74 -1.0 39.7
Industrials 3,938.96 -0.9 42.5
Transportation 2,237.15 -2.1 46.2
Real Estate 2,124.78 -3.6 36.5
Insurance 3,739.61 -1.8 46.7
Telecoms 1,408.12 -2.4 46.0
Consumer 6,870.68 0.2 47.7
Al Rayan Islamic 3,933.01 -1.5 40.3
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
IHGS 98.80 -9.9 28.9
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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DHBK
Price % Ch. Volume
Last 54.00 -3.05 154,985
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 55.40 57.00 58.50
Support 53.90 52.00 49.00
Commentary
Overview:
The bank is in a clear downtrend at this
point. However, considering that DHBK
has dropped over 10% in the past couple
of weeks to its recent low, the name could
be in a temporary bounce mode. Although
indicators are pointing down, a quick, risky
trade is possible as the name formed a
long legged candlestick in the last
session. In the intraday chart, a long
hammer was created (denoted in green
oval). This shows indecision but over the
very short-term.
Expected Target Price: QR55.00 –
QR55.40
The name is exhibiting volatile action and
a price increase to QR55.00 is possible.
Suggested Stop-Loss Price: QR54.00
A break below will refute the
recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 53.50 -1.65 157,029
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 55.00 55.80 58.30
Support 53.10 51.90 50.40
Commentary
Overview:
The name is in a clear short-term down
trend. GWCS failed to break above the
upper side of the downtrend channel,
which means that the name could head
lower. It is important to note that, at this
point, GWCS is at an important support
level above QR53.10. A break below that
may drive selling pressure on the stock.
Technical Indicators are on the bearish
side. On the daily, MACD is below the
zero line and the RSI is also on a
downtrend just below its neutral area.
Expected Price Retreat: QR51.90 –
QR50.40
A break below QR53.00 triggers the sell
recommendation on the name.
(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 11,811.75 11,487.06 11,589.41 11,652.64 11,754.98 11,857.33 11,920.56 12,022.90 12,916.55 13,313.57 12,974.15
Total Return 17,617.11 17,132.84 17,285.49 17,379.80 17,532.44 17,685.09 17,779.40 17,932.04 19,264.92 19,857.07 19,342.04
All Share 3,035.74 2,957.63 2,982.15 2,997.30 3,021.82 3,046.34 3,061.49 3,086.01 3,283.84 3,374.88 3,294.67
Al Rayan Islamic 3,933.01 3,806.82 3,844.85 3,868.34 3,906.36 3,944.39 3,967.88 4,005.90 4,332.80 4,499.38 4,329.50
Banks & Financials Services
MARK 40.75 38.98 39.56 39.91 40.48 41.06 41.41 41.98 47.52 51.38 50.67
CBQK 65.50 62.90 63.82 64.38 65.30 66.22 66.78 67.70 70.72 70.81 68.83
DHBK 54.00 50.40 51.70 52.50 53.80 55.10 55.90 57.20 57.52 58.81 59.80
QIBK 100.20 95.40 97.31 98.49 100.40 102.31 103.49 105.40 104.64 110.12 100.69
QIIK 78.70 74.23 75.57 76.40 77.73 79.07 79.90 81.23 83.07 85.70 84.04
Insurance
QATI 85.10 80.37 82.62 84.01 86.27 88.52 89.91 92.17 91.02 94.55 86.24
Consumer Goods & Services
MCGS 119.50 105.77 109.70 112.13 116.07 120.00 122.43 126.37 122.04 125.71 105.67
Industrials
IQCD 167.90 161.37 163.24 164.39 166.27 168.14 169.29 171.17 184.01 186.28 183.51
QEWS 188.10 186.50 187.03 187.37 187.90 188.43 188.77 189.30 187.18 187.48 185.53
GISS 90.90 87.50 88.72 89.48 90.70 91.92 92.68 93.90 106.48 113.68 104.38
QIGD 37.50 36.63 37.05 37.31 37.73 38.15 38.41 38.83 44.06 50.86 55.53
Real Estate
BRES 38.80 37.33 37.87 38.20 38.73 39.27 39.60 40.13 45.17 43.13 41.10
UDCD 22.95 21.78 22.13 22.34 22.68 23.03 23.24 23.58 25.14 27.12 25.94
ERES 14.20 13.77 13.94 14.05 14.23 14.40 14.51 14.69 17.24 18.38 21.34
MRDS 17.50 16.97 17.21 17.37 17.62 17.86 18.02 18.27 21.29 22.55 20.55
Telecommunication
ORDS 118.40 112.93 114.81 115.96 117.83 119.71 120.86 122.73 118.85 124.16 132.54
VFQS 15.15 14.43 14.66 14.81 15.04 15.27 15.42 15.65 17.73 19.43 18.50
Transportation
QGTS 22.39 21.60 21.87 22.03 22.29 22.56 22.72 22.98 23.38 23.88 23.37
QNNS 95.90 91.97 93.49 94.44 95.97 97.49 98.44 99.97 98.08 96.73 95.55
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
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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
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