This document provides a daily technical analysis of stocks and market indices in Qatar. It summarizes the performance of two stocks, GWCS and ERES, and analyzes technical indicators and patterns to make price predictions. It also reviews the QSE Index and its support and resistance levels. Charts are included to illustrate price trends and technical indicators like MACD and RSI are examined. Market data such as trading volumes and breadth are also summarized.

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Daily Technical Trader – Qatar
Sunday, 15 February 2015
Stocks Covered Today
Ticker Price Target
GWCS 60.00 58.30
ERES 17.12 16.45
QSE Index
Level % Ch. Vol. (mn)
Last 12,607.60 -0.6 30.2
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,800 12,900 13,000
Support 12,600 12,350 12,250
QSE Index Commentary
Overview:
The Index made a Tweezers Top
candlesticks bearish formation. This
negative attitude was demonstrated by
Thursday’s weak performance. Technical
indicators became more bearish. The
MACD is losing momentum on both time
frames. As a result, this weakness could
continue in the coming sessions. The
upcoming resistance stays at 12,800 while
the soft resistance level at 12,600 is
expected to be breached downward.
Expected Resistance Level: 12,800
Expected Support Level: 12,350
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 12 Feb 15 11 Feb 15 %Ch.
Value Traded (QR mn) 552.1 985.8 -44.0
Ex. Mkt. Cap. (QR bn) 681.8 685.9 -0.6
Volume (mn) 17.3 33.4 -48.2
Number of Trans. 6,683 9,957 -32.9
Companies Traded 42 41 2.4
Market Breadth 9:30 19:20 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,923.59 -0.6 64.1
All Share Index 3,257.70 -0.7 65.1
Banks 3,278.95 -0.3 61.6
Industrials 4,028.51 -0.7 58.1
Transportation 2,481.04 -0.3 73.7
Real Estate 2,546.44 -2.2 67.3
Insurance 3,960.86 -1.4 61.2
Telecoms 1,452.71 0.3 62.5
Consumer 7,422.47 -0.4 66.9
Al Rayan Islamic 4,408.60 -0.7 66.8
RSI 14 (Over Bought)
Ticker Close 1D% RSI
AHCS 18.35 -1.1 75.3
MCGS 136.40 0.3 72.8
QGTS 25.05 -0.6 71.9
QGMD 11.20 1.4 71.9
MERS 216.40 -0.2 70.8
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 60.00 0.00 40,858
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 61.40 63.00 67.40
Support 59.50 58.30 56.30
Commentary
Overview:
The name created three Doji candlesticks
over the past week. These candlesticks
have bearish implications once confirmed.
The confirmation comes with a break
below QR59.40. Thus, we recommend a
sell on the name once it breaches
QR59.40 for an expected correction down
to QR58.30 and possibly to QR56.00.
Expected Price Retreat: QR58.30 –
QR56.00
Wait for a break below QR59.40 to
confirm the bearishness of the price
formation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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ERES
Price % Ch. Volume
Last 17.12 -4.36 3,950,183
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 17.70 18.00 18.50
Support 16.90 16.45 15.80
Commentary
Overview:
The name created a bearish Doji
candlestick and the negative implication
was confirmed in last Thursday’s close.
The MACD’s Histogram is showing
weakness on the name while the RSI is
breaking below the overbought area,
suggesting the downward move could
continue further. The name is expected to
correct further down to the QR16.45 level.
Expected Price Retreat: QR16.45 –
QR15.80
Sell when the name breaks below
QR16.90 to further confirm the expected
correction.
(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 12,607.60 12,521.46 12,556.65 12,578.39 12,613.58 12,648.77 12,670.51 12,705.70 12,130.04 12,882.40 12,990.68
Total Return 18,923.59 18,794.30 18,847.12 18,879.75 18,932.56 18,985.38 19,018.01 19,070.82 18,110.78 19,223.45 19,379.48
All Share 3,257.70 3,236.45 3,245.67 3,251.37 3,260.59 3,269.81 3,275.51 3,284.73 3,110.27 3,280.19 3,299.50
Al Rayan Islamic 4,408.60 4,357.76 4,378.33 4,391.03 4,411.60 4,432.17 4,444.87 4,465.44 4,100.07 4,346.83 4,375.56
Banks & Financials Services
MARK 49.00 48.10 48.39 48.56 48.85 49.14 49.31 49.60 45.26 48.74 51.14
CBQK 70.30 69.50 69.81 69.99 70.30 70.61 70.79 71.10 67.78 70.24 69.21
DHBK 58.20 57.60 57.79 57.91 58.10 58.29 58.41 58.60 56.54 57.81 59.35
QIBK 109.60 108.93 109.20 109.37 109.63 109.90 110.07 110.33 102.82 107.27 104.48
QIIK 87.00 84.93 85.54 85.92 86.53 87.14 87.52 88.13 80.51 83.85 84.61
Insurance
QATI 90.10 89.57 89.87 90.06 90.37 90.67 90.86 91.17 85.94 91.57 88.46
Consumer Goods & Services
MCGS 136.40 133.20 134.12 134.68 135.60 136.52 137.08 138.00 120.53 124.37 112.42
Industrials
IQCD 152.50 150.17 150.93 151.40 152.17 152.93 153.40 154.17 162.31 176.82 179.56
QEWS 199.00 194.73 196.11 196.96 198.33 199.71 200.56 201.93 188.95 188.86 187.51
GISS 106.00 103.87 104.75 105.29 106.17 107.05 107.59 108.47 96.76 108.53 106.42
QIGD 40.45 38.88 39.48 39.84 40.43 41.03 41.39 41.98 39.64 45.65 53.00
Real Estate
BRES 48.35 46.72 47.25 47.58 48.12 48.65 48.98 49.52 43.78 44.07 42.18
UDCD 24.83 23.92 24.21 24.39 24.68 24.97 25.15 25.44 23.94 25.74 26.29
ERES 17.12 16.45 16.76 16.94 17.24 17.55 17.73 18.03 15.21 17.24 20.44
MRDS 20.79 20.26 20.45 20.57 20.76 20.95 21.07 21.26 19.47 21.47 20.93
Telecommunication
ORDS 116.00 114.67 115.16 115.47 115.97 116.46 116.77 117.27 116.29 121.10 128.90
VFQS 18.45 17.75 18.09 18.31 18.65 18.99 19.21 19.55 15.90 18.00 18.78
Transportation
QGTS 25.05 24.76 24.87 24.94 25.05 25.16 25.23 25.34 23.11 23.65 23.73
QNNS 104.90 101.97 102.92 103.51 104.47 105.42 106.01 106.97 97.50 97.93 96.25
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
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar
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,
promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any 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 amend the
views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included
in this report. This report may not be reproduced in whole or in part without permission from QNBFS.