The current bounce kept the Index in the trading range sustained in the past few weeks. This is an indecision period could extend as we are seeing bullish and bearish forces at a certain equilibrium. The main support remains at the 10,000 level.

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Daily Technical Trader – Qatar
Wednesday, 30 March 2016
Stocks Covered Today
Ticker Price Target
VFQS 12.30 12.80
GWCS 61.00 55.50
QSE Index
Level % Ch. Vol. (mn)
Last 10,316.67 1.69 7.3
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 current bounce kept the Index in the
trading range sustained in the past few
weeks. This is an indecision period could
extend as we are seeing bullish and
bearish forces at a certain equilibrium.
The main support remains at the 10,000
level.
Expected Resistance Level: 10,250
Expected Support Level: 10,000
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 29 Mar 28 Mar %Ch.
Value Traded (QR mn) 392.0 369.8 6.0
Ex. Mkt. Cap. (QR bn) 551.3 542.7 1.6
Volume (mn) 10.7 10.2 5.2
Number of Trans. 5,664 4,608 22.9
Companies Traded 38 42 -9.5
Market Breadth 27:9 16:23 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,599.58 1.7 61.0
All Share Index 2,864.29 1.6 67.0
Banks 2,798.26 1.2 58.3
Industrials 3,167.18 1.4 69.4
Transportation 2,547.87 1.2 70.1
Real Estate 2,527.25 3.5 66.6
Insurance 4,412.26 0.6 50.0
Telecoms 1,132.91 3.0 65.2
Consumer Goods 6,598.30 -0.1 75.0
Al Rayan Islamic 4,042.32 1.8 74.3
RSI 14 (Over Bought)
Ticker Close 1D% RSI
QIGD 54.50 9.9 86.5
GWCS 61.00 -0.5 73.6
QNCD 88.20 0.2 72.7
ABQK 47.80 0.0 71.6
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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VFQS
Price % Ch. Volume
Last 12.30 1.23 743,728
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 12.40 12.80 13.15
Support 11.75 11.42 11.00
Commentary
Overview:
VFQS remains inside a downtrend
channel in the longer term. That been
said, the price is trying to recover more
and more by creating higher tops and
higher bottoms in the short term. It also
experienced a pullback that could precede
an uptick.
Expected Target Price: QR12.80 – QR13.15
A price breakaway above QR12.40
triggers the buy recommendation.
Suggested Stop-Loss Price: QR11.75
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 61.00 -0.49 270,942
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 63.60 65.00 68.00
Support 60.00 55.50 52.50
Commentary
Overview:
Since its lowest point in January 2016, the
name gained 62%. Now, it created a
bearish Shooting Star candlestick. This
candle suggests possible reversing move
to the uptick it experienced in the past
two month.
Expected Price Retreat: QR55.50 –
QR52.50
A price breach below QR60.00 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 10,316.67 10,039.63 10,119.00 10,168.04 10,247.41 10,326.78 10,375.82 10,455.19 9,808.01 10,035.68 10,865.39
Total Return 16,599.58 16,153.82 16,281.53 16,360.43 16,488.14 16,615.85 16,694.75 16,822.46 15,456.01 15,704.46 16,941.14
All Share 2,864.29 2,801.12 2,819.22 2,830.40 2,848.50 2,866.60 2,877.78 2,895.88 2,642.81 2,689.80 2,904.69
Al Rayan Islamic 4,042.32 3,971.93 3,992.10 4,004.56 4,024.72 4,044.89 4,057.35 4,077.51 3,592.01 3,701.94 4,100.74
Banks & Financials Services
MARK 35.60 35.20 35.35 35.45 35.60 35.75 35.85 36.00 34.85 35.91 39.99
CBQK 42.00 40.73 41.12 41.35 41.73 42.12 42.35 42.73 42.59 44.39 49.89
DHBK 36.85 36.42 36.57 36.66 36.82 36.97 37.06 37.22 38.48 41.44 46.51
QIBK 104.00 100.80 101.87 102.53 103.60 104.67 105.33 106.40 97.22 103.27 107.62
QIIK 71.50 N/A N/A N/A N/A N/A N/A N/A 67.52 66.76 71.81
Insurance
QATI 80.00 78.40 79.13 79.57 80.30 81.03 81.47 82.20 75.45 73.26 77.61
Consumer Goods & Services
MCGS 111.00 N/A N/A N/A N/A N/A N/A N/A 99.79 112.45 143.41
Industrials
IQCD 107.90 105.37 106.09 106.54 107.27 107.99 108.44 109.17 103.60 104.84 117.78
QEWS 200.00 194.67 196.19 197.14 198.67 200.19 201.14 202.67 194.54 201.02 208.48
GISS 36.50 35.57 35.89 36.09 36.42 36.74 36.94 37.27 36.97 44.10 56.32
QIGD 54.50 52.50 53.07 53.43 54.00 54.57 54.93 55.50 34.78 36.16 42.51
Real Estate
BRES 36.50 34.67 35.24 35.59 36.17 36.74 37.09 37.67 35.00 37.35 42.21
UDCD 19.50 19.14 19.25 19.32 19.43 19.54 19.61 19.72 19.90 20.36 22.32
ERES 18.20 17.07 17.39 17.59 17.92 18.24 18.44 18.77 15.38 15.69 17.01
MRDS 14.06 13.57 13.75 13.87 14.06 14.24 14.36 14.55 11.84 12.80 14.58
Telecommunication
ORDS 88.00 84.00 85.15 85.85 87.00 88.15 88.85 90.00 84.71 78.34 78.42
VFQS 12.30 11.71 11.89 12.01 12.20 12.38 12.50 12.69 11.15 11.58 13.28
Transportation
QGTS 23.39 22.67 22.88 23.00 23.21 23.42 23.54 23.75 22.47 22.92 22.77
QNNS 91.30 89.57 90.25 90.68 91.37 92.05 92.48 93.17 92.05 93.61 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:
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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