The Index broke below its short-term uptrend channel after it created a Hanging Man candlestick formation. This could become a short-term correction, as long as the Index does not create lower tops and lower bottoms on the daily chart.

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Daily Technical Trader – Qatar
Wednesday, 16 March 2016
Stocks Covered Today
Ticker Price Target
GISS 36.15 34.70
MARK 35.40 33.75
QSE Index
Level % Ch. Vol. (mn)
Last 10,199.91 -1.14 8.2
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,250 10,400 10,500
Support 10,000 9,800 9,600
QSE Index Commentary
Overview:
The Index broke below its short-term
uptrend channel after it created a
Hanging Man candlestick formation. This
could become a short-term correction, as
long as the Index does not create lower
tops and lower bottoms on the daily chart.
Expected Resistance Level: 10,250
Expected Support Level: 10,000
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 15 Mar 14 Mar %Ch.
Value Traded (QR mn) 456.8 278.4 64.1
Ex. Mkt. Cap. (QR bn) 536.9 542.1 -1.0
Volume (mn) 16.8 9.9 69.7
Number of Trans. 6,691 4,626 44.6
Companies Traded 37 36 2.8
Market Breadth 12:21 11:20 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,262.53 -0.9 63.2
All Share Index 2,771.71 -0.8 62.9
Banks 2,749.83 -1.0 57.3
Industrials 3,024.03 -0.9 56.8
Transportation 2,401.12 -0.7 54.3
Real Estate 2,390.92 -1.0 67.4
Insurance 4,523.06 -0.8 64.2
Telecoms 1,095.45 -0.2 63.3
Consumer Goods 6,289.06 0.4 70.0
Al Rayan Islamic 3,830.73 -0.6 66.9
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QGMD 14.20 7.8 82.8
ZHCD 92.10 0.0 81.3
NLCS 17.00 5.9 80.5
SIIS 13.47 2.3 77.5
VFQS 12.40 2.7 74.7
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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GISS
Price % Ch. Volume
Last 36.15 -4.87 1,656,764
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 37.20 38.50 40.00
Support 35.85 34.70 34.00
Commentary
Overview:
We sent out a sell recommendation on the
name when it was trading just above the
QR.38.00. The price dropped since then to
QR36.00 (which was our second expected
target); it might continue further down
based on what we notice from momentum
indicators.
Expected Price Retreat: QR34.70 –
QR34.00
A breach below QR35.85 triggers the sell
recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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MARK
Price % Ch. Volume
Last 35.40 -1.26 885,299
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 36.50 37.00 38.80
Support 35.00 33.75 32.50
Commentary
Overview:
We sent out a buy recommendation on
the name and the price moved since then
to our second expected target (QR36.50).
The name created an Evening Star
candlestick formation which was
followed by a price drop yet with an
increase in traded volumes.
Expected Price Retreat: QR33.75 –
QR32.50
A breach below QR35.00 triggers the sell
recommendation.
(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 10,199.91 10,005.02 10,077.25 10,121.88 10,194.12 10,266.35 10,310.98 10,383.22 9,653.70 10,160.02 10,951.13
Total Return 16,262.53 15,951.80 16,066.97 16,138.12 16,253.30 16,368.47 16,439.62 16,554.80 15,114.23 15,846.77 17,048.74
All Share 2,771.71 2,723.40 2,741.52 2,752.72 2,770.83 2,788.95 2,800.15 2,818.26 2,585.93 2,714.01 2,923.87
Al Rayan Islamic 3,830.73 3,771.26 3,792.57 3,805.73 3,827.05 3,848.36 3,861.52 3,882.84 3,502.03 3,745.47 4,133.65
Banks & Financials Services
MARK 35.40 34.63 34.92 35.10 35.38 35.67 35.85 36.13 34.50 36.62 40.48
CBQK 44.90 43.83 44.14 44.33 44.63 44.94 45.13 45.43 42.15 45.34 50.45
DHBK 37.00 36.33 36.72 36.95 37.33 37.72 37.95 38.33 38.97 42.68 47.34
QIBK 104.00 101.07 101.98 102.55 103.47 104.38 104.95 105.87 95.11 104.68 107.69
QIIK 70.80 68.27 69.22 69.81 70.77 71.72 72.31 73.27 65.23 67.07 72.19
Insurance
QATI 86.00 83.20 84.04 84.56 85.40 86.24 86.76 87.60 71.78 72.79 77.51
Consumer Goods & Services
MCGS 110.00 107.20 108.00 108.50 109.30 110.10 110.60 111.40 97.79 117.23 146.56
Industrials
IQCD 105.00 99.80 101.63 102.77 104.60 106.43 107.57 109.40 102.42 106.24 119.27
QEWS 199.00 196.33 197.10 197.57 198.33 199.10 199.57 200.33 195.33 202.70 209.58
GISS 36.15 34.68 35.41 35.86 36.58 37.31 37.76 38.48 38.53 46.74 58.42
QIGD 39.30 N/A N/A N/A N/A N/A N/A N/A 32.67 36.46 43.02
Real Estate
BRES 37.45 N/A N/A N/A N/A N/A N/A N/A 35.01 38.30 42.99
UDCD 19.70 19.41 19.51 19.56 19.65 19.75 19.80 19.89 19.87 20.86 22.51
ERES 16.95 16.46 16.65 16.77 16.95 17.14 17.26 17.44 14.68 15.83 17.00
MRDS 12.56 12.19 12.34 12.43 12.59 12.74 12.83 12.99 11.52 12.96 14.78
Telecommunication
ORDS 87.00 86.07 86.53 86.81 87.27 87.73 88.01 88.47 81.64 77.24 78.64
VFQS 12.40 11.75 11.97 12.11 12.33 12.55 12.69 12.91 10.96 11.77 13.48
Transportation
QGTS 22.18 21.53 21.77 21.93 22.18 22.42 22.58 22.83 22.26 23.11 22.74
QNNS 96.00 95.67 95.82 95.91 96.07 96.22 96.31 96.47 91.86 94.27 95.87
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:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar Shahan Keushgerian
Senior Research Analyst Head of Research Senior Research Analyst
Tel: (+974) 4476 6535 Tel: (+974) 4476 6534 Tel: (+974) 4476 6509
zaid.alnafoosi@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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