The QSE Index could not maintain above the 10,000 level. As a result, this correction could continue further especially if 9,900 is breached

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Daily Technical Trader – Qatar
Wednesday, 04 May 2016
Today’s Coverage
Ticker Price Target
IQCD 101.20 98.00
QIGD 52.00 47.20
QSE Index
Level % Ch. Vol. (mn)
Last 9,939.03 -1.52 4.7
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,000 10,100 10,250
Support 9,800 9,700 9,600
QSE Index Commentary
Overview:
The QSE Index could not maintain above
the 10,000 level. As a result, this
correction could continue further
especially if 9,900 is breached.
Expected Resistance Level: 10,000
Expected Support Level: 9,800
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 03 May 02 May %Ch.
Value Traded (QR mn) 317.9 268.4 18.4
Ex. Mkt. Cap. (QR bn) 536.4 544.4 -1.5
Volume (mn) 9.0 9.3 -3.5
Number of Trans. 4,811 4,599 4.6
Companies Traded 42 39 7.7
Market Breadth 6:34 10:26 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,080.69 -1.5 44.9
All Share Index 2,777.18 -1.5 45.7
Banks 2,684.82 -1.0 40.1
Industrials 3,067.46 -1.4 46.6
Transportation 2,516.27 -0.8 52.1
Real Estate 2,453.19 -3.1 50.7
Insurance 4,316.67 -0.2 40.8
Telecoms 1,137.67 -2.0 54.8
Consumer Goods 6,456.70 -1.7 51.1
Al Rayan Islamic 3,879.75 -1.8 47.2
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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IQCD
Price % Ch. Volume
Last 101.20 -1.27 97,070
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 104.30 105.00 107.00
Support 100.70 98.00 97.20
Commentary
Overview:
We sent out a buy recommendation on
the 24
th
of last month conditioned with a
price breakaway above the QR106.90. The
price opened at QR107.00 on that day and
dropped instantly. That weakness
continued and the name broke below the
bottom of the recent range, the QR102.00
level.
Expected Price Retreat: QR98.00 –
QR97.20
A price breach below QR100.70 triggers
the sell recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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QIGD
Price % Ch. Volume
Last 52.00 -1.14 169,707
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 54.00 55.50 57.00
Support 50.90 47.20 44.00
Commentary
Overview:
We sent a buy recommendation on the
name back on the 26
th
of April. The name
reached our second expected target at
QR57.00 (a gain of 7% from trigger price).
The name corrected since then and it is
giving us mixed signals. It breached below
the uptrend channel yet the momentum
remains positive. As a result, if the name
breaks above the QR54.00 then it will
most likely continue higher. On the other
hand, if it breaks below yesterday’s low of
QR50.90, then we expect a deeper
correction.
Expected Price Retreat: QR47.20 –
QR44.00
A price breach below QR50.90 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 9,939.03 9,839.10 9,896.36 9,931.74 9,988.99 10,046.25 10,081.63 10,138.88 10,212.91 9,931.12 10,653.28
Total Return 16,080.69 15,919.02 16,011.66 16,068.89 16,161.53 16,254.17 16,311.40 16,404.04 16,372.01 15,691.88 16,686.69
All Share 2,777.18 2,750.89 2,765.96 2,775.26 2,790.32 2,805.39 2,814.69 2,829.75 2,811.61 2,691.68 2,861.82
Al Rayan Islamic 3,879.75 3,828.03 3,855.74 3,872.87 3,900.58 3,928.29 3,945.42 3,973.13 3,913.32 3,705.94 4,022.42
Banks & Financials Services
MARK 33.25 33.05 33.16 33.24 33.35 33.46 33.54 33.65 35.22 34.93 38.66
CBQK 37.10 36.43 36.82 37.05 37.43 37.82 38.05 38.43 41.64 42.08 48.04
DHBK 36.45 35.88 36.11 36.25 36.48 36.71 36.85 37.08 38.17 39.13 44.60
QIBK 98.90 97.63 98.02 98.25 98.63 99.02 99.25 99.63 101.29 99.35 106.86
QIIK 62.50 61.50 62.07 62.43 63.00 63.57 63.93 64.50 67.73 65.31 70.01
Insurance
QATI 79.20 78.80 78.91 78.99 79.10 79.21 79.29 79.40 81.93 75.29 77.62
Consumer Goods & Services
MCGS 87.60 84.07 85.94 87.09 88.97 90.84 91.99 93.87 108.19 105.29 134.01
Industrials
IQCD 101.20 98.87 100.01 100.72 101.87 103.01 103.72 104.87 106.39 103.88 113.88
QEWS 202.00 200.27 201.26 201.87 202.87 203.86 204.47 205.47 201.93 200.65 206.69
GISS 33.55 33.05 33.32 33.48 33.75 34.02 34.18 34.45 36.22 39.48 51.10
QIGD 52.00 49.93 50.70 51.17 51.93 52.70 53.17 53.93 47.12 39.51 42.63
Real Estate
BRES 32.65 32.02 32.32 32.51 32.82 33.12 33.31 33.62 35.47 35.56 40.08
UDCD 18.96 18.62 18.73 18.81 18.92 19.03 19.11 19.22 20.01 19.73 21.72
ERES 17.60 17.09 17.38 17.56 17.86 18.15 18.33 18.63 17.52 16.04 17.09
MRDS 14.00 13.61 13.80 13.91 14.09 14.28 14.39 14.57 13.53 12.76 14.19
Telecommunication
ORDS 89.90 85.03 86.79 87.88 89.63 91.39 92.48 94.23 89.31 82.94 79.06
VFQS 11.65 11.43 11.54 11.60 11.71 11.82 11.88 11.99 11.98 11.57 12.78
Transportation
QGTS 23.22 22.76 22.98 23.12 23.34 23.56 23.70 23.92 23.42 22.75 22.91
QNNS 89.00 87.93 88.54 88.92 89.53 90.14 90.52 91.13 92.54 91.89 94.74
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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