The document is a daily market report that provides analysis and commentary on the Qatar stock market index and various stocks. It summarizes the previous day's market activity, including noting that the QSE index bounced strongly and closed above a support level of 11,430. It then provides technical analysis and commentary on two stocks, IQCD and GWCS, including current price levels, resistance/support levels, and expected near-term price targets and levels to watch. Tables also provide closing prices and indicators for various market indexes and stocks.

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Daily Technical Trader – Qatar
Tuesday, 16 December 2014
Stocks Covered Today Ticker Price Target
IQCD
171.50
160.00
GWCS
53.20
56.50
QSE Index Level % Ch. Vol. (mn)
Last
11,460.02
3.1
18.0
Resistance/Support Levels 1st 2nd 3rd
Resistance
11,640
12,000
12,425
Support
11,430
11,230
10,900
QSE Index Commentary
Overview:
As expected, the Index bounced strongly and closed above the 11,430 level. Last session’s traded volumes were higher as more buying appetite came in. The MACD on the daily chart is deep below the zero line. Although that is considered as a negative indication, we could see the MACD easing up from these extreme levels. Also, the RSI is struggling to push out of the oversold area. In conclusion, the Index is still looking for a direction. We do note that it is essential for traders to watch the Index stay above the previous low of around 10,900.
Expected Target Level: 11,600
Only if the 11,540 level is breached up.
Suggested Stop-Loss Level: 10,900
A break below means that the bounce was shallow and the bear leg is still in action.
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary Market Indicators 16 Dec 14 15 Dec 14 %Ch.
Value Traded (QR mn)
1,008.1
957.1
5.3
Ex. Mkt. Cap. (QR bn)
634.0
614.8
3.1
Volume (mn)
25.2
22.5
12.0
Number of Trans.
11,034
9,804
12.5
Companies Traded
41
43
-4.7
Market Breadth
37:4
0:43
–
QE Indices Market Indices Close 1D% RSI
Total Return
17,092.52
3.1
24.9
All Share Index
2,925.20
3.2
25.0
Banks
3,021.62
4.3
32.0
Industrials
3,774.96
2.8
24.2
Transportation
2,114.15
1.9
25.6
Real Estate
2,075.13
1.8
17.3
Insurance
3,297.11
1.2
16.8
Telecoms
1,355.12
1.6
33.9
Consumer
6,340.13
4.6
27.3
Al Rayan Islamic
3,788.59
3.5
24.7
RSI 14 (Over Bought) Ticker Close 1D% RSI
RSI 14 (Over Sold) Ticker Close 1D% RSI
AHCS
11.55
0.3
9.2
MPHC
27.15
0.2
10.8
ERES
13.77
0.0
11.3
SIIS
13.30
0.5
14.7
QGMD
9.00
-2.3
14.9
QSE Index (30Min)
Source: Bloomberg, QNBFS Research

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IQCD Price % Ch. Volume
Last
171.50
2.08
483,815
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
173.00
175.00
177.00
Support
164.00
160.50
156.00
Commentary
Overview:
The name displayed a strong bounce above the QR160.00 price level, gaining over 8% between the previous low to reach the high of the last session. This bounce encountered strong resistance at the QR173.00 level. The name is trading below its moving averages; it is still under the short-term trend downtrend line; the MACD is below the zero line and still pointing downward. The RSI just bounced of the oversold area but not in divergence against the price. All the aforementioned are bearish indicators showing that the name may continue its trip south. Only a break above the QR180.00 price could signify a change in the short-term trend. Other than that, any bounce on the name should be treated as an exit opportunity.
Expected Price Retreat: QR160.00
This is the first expected when the QR168.00 is broken below.
(Daily)
Source: Bloomberg, QNBFS Research (Hourly)
Source: Bloomberg, QNBFS Research

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GWCS Price % Ch. Volume
Last
53.20
3.30
1,308,736
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
54.00
56.50
58.30
Support
50.00
47.00
44.50
Commentary
Overview:
GWCS got hit hard with the rest of the market over the past week. Good news is that the name is stabilizing above an important support at QR50.00. At this level, the 200SMA meets the 23.6% Fibonacci retracement, the medium-term uptrend line stemming from last February, and the lower side of the short-term downtrend channel. The RSI and the MACD are still bearish on the daily. However, on the hourly, the MACD and the RSI are showing signs of recovery that might extend for a few sessions.
Expected Target Price: QR56.50 – QR58.30
The trigger for this trade is a sustained break above the QR54.00 price for at least an hour through the session.
Suggested Stop-Loss Price: QR50.00
(Daily)
Source: Bloomberg, QNBFS Research (Hourly)
Source: Bloomberg, QNBFS Research

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Intra-day Fibonacci Support and Resistance Levels Daily Moving Averages* Support Levels Resistance Levels Ticker Close 3rd 2nd 1st Pivot 1st 2nd 3rd 50 SMA 100 SMA 200 SMA
QSE Index
11,460.02
10,874.45
11,057.68
11,170.88 11,354.10
11,537.33
11,650.53
11,833.75
13,276.28
13,450.92
12,936.29
Total Return
17,092.52
16,219.15
16,492.43
16,661.26 16,934.54
17,207.82
17,376.65
17,649.93
19,801.45
20,061.92
19,259.08
All Share
2,925.20
2,769.61
2,818.06
2,847.99 2,896.45
2,944.90
2,974.83
3,023.29
3,366.40
3,404.74
3,283.05
Al Rayan Islamic
3,788.59
3,547.16
3,620.13
3,665.21 3,738.18
3,811.15
3,856.23
3,929.20
4,470.80
4,555.69
4,285.75 Banks & Financials Services
MARK
41.60
39.13
39.99
40.52 41.38
42.24
42.77
43.63
49.88
52.74
50.23
CBQK
66.00
63.33
64.25
64.82 65.73
66.65
67.22
68.13
71.96
71.06
68.62
DHBK
52.50
50.17
50.93
51.40 52.17
52.93
53.40
54.17
58.10
59.09
60.19
QIBK
91.00
82.87
85.62
87.32 90.07
92.82
94.52
97.27
107.99
111.05
98.92
QIIK
74.80
68.67
70.46
71.57 73.37
75.16
76.27
78.07
84.78
86.41
83.64 Insurance
QATI
76.20
73.67
75.12
76.02 77.47
78.92
79.82
81.27
94.17
95.00
84.63 Consumer Goods & Services
MCGS
102.00
93.67
96.72
98.61 101.67
104.72
106.61
109.67
125.47
124.94
102.24 Industrials
IQCD
171.50
161.30
164.70
166.80 170.20
173.60
175.70
179.10
188.36
186.89
184.81
QEWS
172.50
164.57
167.32
169.02 171.77
174.52
176.22
178.97
187.43
187.30
184.48
GISS
79.90
62.70
67.63
70.67 75.60
80.53
83.57
88.50
113.46
116.85
102.99
QIGD
35.60
31.87
33.01
33.72 34.87
36.01
36.72
37.87
47.83
52.82
55.89 Real Estate
BRES
39.00
35.53
36.58
37.23 38.28
39.33
39.98
41.03
44.80
43.07
40.50
UDCD
21.80
19.27
20.03
20.50 21.27
22.03
22.50
23.27
26.51
27.86
25.78
ERES
13.77
13.15
13.51
13.72 14.08
14.44
14.65
15.01
18.65
19.39
21.47
MRDS
17.30
14.83
15.58
16.04 16.78
17.53
17.99
18.73
22.54
22.76
20.13 Telecommunication
ORDS
112.70
104.37
107.19
108.94 111.77
114.59
116.34
119.17
121.72
125.92
134.26
VFQS
15.15
13.52
14.13
14.51 15.12
15.73
16.11
16.72
19.03
19.97
18.24 Transportation
QGTS
21.05
19.76
20.21
20.49 20.95
21.40
21.68
22.14
23.72
24.10
23.30
QNNS
90.00
83.87
85.81
87.02 88.97
90.91
92.12
94.07
98.06
96.56
95.43
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.