The QSE Index could not break above the 10,500 and volumes dropped again. The Histogram’s movement is slowing down; we should be cautious at the point for a possible correction

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Daily Technical Trader – Qatar
Thursday, 24 March 2016
Stocks Covered Today
Ticker Price Target
QEWS 199.00 202.40
BRES 35.00 34.45
QSE Index
Level % Ch. Vol. (mn)
Last 10,452.28 -0.36 7.5
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,500 10,700 11,000
Support 10,400 10,250 10,000
QSE Index Commentary
Overview:
The QSE Index could not break above the
10,500 and volumes dropped again. The
Histogram’s movement is slowing down;
we should be cautious at the point for a
possible correction.
Expected Resistance Level: 10,500
Expected Support Level: 10,400
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 23 Mar 22 Mar %Ch.
Value Traded (QR mn) 407.7 415.0 -1.8
Ex. Mkt. Cap. (QR bn) 552.0 552.8 -0.1
Volume (mn) 12.1 9.5 27.5
Number of Trans. 5,474 5,683 -3.7
Companies Traded 40 39 2.6
Market Breadth 12:23 22:12 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,741.13 -0.4 69.4
All Share Index 2,865.40 -0.1 72.3
Banks 2,821.02 -0.3 65.2
Industrials 3,108.28 0.2 65.0
Transportation 2,540.68 1.2 73.0
Real Estate 2,522.78 -0.5 72.1
Insurance 4,610.47 -0.2 64.7
Telecoms 1,108.46 0.1 60.6
Consumer Goods 6,617.52 -0.2 78.5
Al Rayan Islamic 4,001.40 0.7 77.0
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QIGD 43.20 9.9 83.7
DBIS 20.40 7.6 83.4
MRDS 14.40 6.1 80.5
ERES 18.39 -0.6 75.4
GWCS 58.50 10.0 75.2
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QEWS
Price % Ch. Volume
Last 199.00 1.02 243,699
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 199.00 202.40 206.00
Support 194.00 191.00 187.20
Commentary
Overview:
Overall, the indicators are growing flatter
but remain on the positive side. As a
result, we reiterate the buy
recommendation we sent out on the 7
th
of
this month as the stock stabilized above
the QR194.00. That being said, we update
our suggested Stop-Loss price to
QR194.00 (from QR191.00).
Expected Target Price: QR202.40 –
QR206.00
A price breakaway above QR199.00
triggers the buy recommendation.
Suggested Stop-Loss Price: QR194.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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BRES
Price % Ch. Volume
Last 35.00 -0.85 352,154
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 36.00 37.25 39.00
Support 35.00 33.45 32.20
Commentary
Overview:
We sent a buy recommendation on the
name on the 29
th
of February. It reached
our first target at QR38.50; those who
held their shares hoping to reach the
second target of QR36.15 received QR2.20
cash dividends instead. Thus, benefiting
from price appreciation and cash. We see
weakness creeping into the price action
(seen by the MACDs on both time
frames).
Expected Target Price: QR33.45 – QR32.20
A price 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 10,452.28 10,310.63 10,359.17 10,389.16 10,437.70 10,486.24 10,516.23 10,564.77 9,720.38 10,086.06 10,900.12
Total Return 16,741.13 16,514.26 16,592.00 16,640.03 16,717.78 16,795.52 16,843.55 16,921.30 15,276.48 15,761.11 16,984.20
All Share 2,865.40 2,831.51 2,842.29 2,848.94 2,859.71 2,870.49 2,877.14 2,887.91 2,611.41 2,698.80 2,912.05
Al Rayan Islamic 4,001.40 3,963.48 3,974.80 3,981.79 3,993.11 4,004.43 4,011.42 4,022.74 3,540.32 3,716.91 4,113.15
Banks & Financials Services
MARK 35.80 35.37 35.54 35.64 35.82 35.99 36.09 36.27 34.61 36.18 40.20
CBQK 45.85 N/A N/A N/A N/A N/A N/A N/A 42.46 44.84 50.15
DHBK 37.80 37.13 37.40 37.57 37.83 38.10 38.27 38.53 38.56 41.95 46.85
QIBK 108.00 104.80 105.72 106.28 107.20 108.12 108.68 109.60 95.81 103.85 107.64
QIIK 72.00 71.53 71.72 71.84 72.03 72.22 72.34 72.53 66.48 66.87 71.98
Insurance
QATI 86.50 84.17 84.93 85.40 86.17 86.93 87.40 88.17 74.08 73.21 77.64
Consumer Goods & Services
MCGS 115.00 111.13 112.58 113.48 114.93 116.38 117.28 118.73 98.15 114.34 144.78
Industrials
IQCD 108.00 105.73 106.73 107.34 108.33 109.33 109.94 110.93 102.84 105.36 118.36
QEWS 199.00 196.33 197.10 197.57 198.33 199.10 199.57 200.33 194.20 201.67 208.96
GISS 37.35 36.72 36.98 37.15 37.42 37.68 37.85 38.12 37.46 45.11 57.19
QIGD 43.20 37.60 39.20 40.20 41.80 43.40 44.40 46.00 33.41 36.06 42.63
Real Estate
BRES 35.00 34.67 34.82 34.91 35.07 35.22 35.31 35.47 34.84 37.72 42.52
UDCD 19.43 19.18 19.27 19.33 19.43 19.52 19.58 19.68 19.85 20.56 22.40
ERES 18.39 18.06 18.18 18.25 18.36 18.48 18.55 18.66 15.06 15.75 17.00
MRDS 14.40 13.13 13.50 13.72 14.08 14.45 14.67 15.03 11.63 12.86 14.66
Telecommunication
ORDS 87.70 85.43 86.46 87.10 88.13 89.16 89.80 90.83 83.40 77.93 78.50
VFQS 12.70 12.17 12.32 12.41 12.57 12.72 12.81 12.97 11.05 11.66 13.36
Transportation
QGTS 23.20 22.61 22.79 22.91 23.10 23.28 23.40 23.59 22.28 23.00 22.75
QNNS 93.00 91.67 92.05 92.28 92.67 93.05 93.28 93.67 91.78 93.87 95.69
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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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,
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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
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