1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index opened with a gap over yesterday’s closing and rallied
aggressively around 161 points (1.67%) to close at 9,780.34. The
index breached the 21-day moving average (currently at 9,688.54)
and the 9,766.26 level in a single swoop, thus signifying strength.
Volumes were also large on the breakout. Moreover, the index
formed a bullish Marubozu Candle pattern, indicating that it may
move higher toward 9,850.0. Both indicators support a higher move.
Milaha: Short-Term – Bounce Back
QNNS breached the 21-day moving average (currently at QR78.89)
and QR80.40 after consolidating for a few weeks below that level.
QNNS finally breached the sideways trading range yesterday on the
back of large volumes. We believe the stock may march toward
QR82.50 as it has little resistance until then. Moreover, both indicators
are poised for an upside movement with no immediate trend reversal
signs. QR81.0 may be the area to watch out for any reversal.
Al Rayan Islamic Index: Short-Term – Bounce Back
The QERI Index cleared the 21-day moving average (currently at
2,776.33) as well as the 2,800.0 psychological level and moved
higher around 1.60% to close the session at 2,803.85. We believe the
index closing above the 2,800.0 level is a positive development for the
buyers. The current higher move may test and surpass the resistance
at the 55-day moving average targeting the 2,815.0 level. Moreover,
the RSI and the MACD are moving upward in a bullish manner.
Doha Bank: Short-Term – Bounce Back
DHBK surpassed the resistance of the upper end of the channel and
the 21-day moving average (currently at QR53.75) in a single trading
session yesterday. The recent price action and the rising volumes
indicate that DHBK may continue to push the price toward QR55.10,
followed by QR56.0. Moreover, the RSI is going strong in the bullish
zone, while the MACD has crossed the signal line into the positive
territory. However, a dip below QR54.0 may indicate a false breakout.
Barwa Real Estate Co.: Short-Term – Bounce Back
BRES cleared the immediate resistance of QR25.20 and surged
around 2.99% yesterday. The stock faces the 55-day moving average
(currently at QR25.89) as its next resistance level. Crossing this
resistance level will be a positive sign, resulting in continuation of the
upmove toward QR26.10. However a dip below the 55-day moving
average may indicate a halt in the current trend. Meanwhile, the RSI
is pointing upward, while the MACD is moving higher.
Mazaya Qatar Real Estate Dev.: Short-Term – Bounce Back
MRDS breached the QR11.60 and 21-day moving average (currently
at QR11.63) on the back of large volumes. The stock is currently at
the threshold of the QR11.71 resistance level. We believe based on
the current momentum, the stock may test and surpass the QR11.71
level targeting QR11.94. Moreover, both the RSI and the MACD lines
are supporting a further upmove. However, a dip below QR11.63 may
drag the stock down.

2. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of Trading Head of Sales Manager - HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts, 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. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 2 of 2
*These stocks are today’s suggested ideas
Overall Methodology: The charts and descriptions on Page 1 provide an indicative view of the future direction of the equities mentioned. The table on page 2 has been provided to denote historical movements in certain stocks. The historical trend analysis uses 21- and 55-
day SMAs for indicating short-term and long-term trends, respectively. Based on these SMAs, the historical direction of the trend is denoted as UP, DOWN or FLAT.
Selection of Key Stocks of the Day: Key stocks’ selection is based on our analysis of 19 members of the QE Index (excludes QNBK QD). Analysis includes identifying trends (short-term as well as long-term), patterns and support/resistance levels.
Trend Direction: The methods used to determine trend direction are subjective in nature. We use 21-day SMA and 55-day SMA, absolute price movements, price movements relative to SMAs and accurately drawn trend lines and chart patterns to determine the short- and
long-term trends.
Investment Horizon: The definition of short term and long term depends upon investors’ preferences and their investment objectives. As a rule of thumb, the time horizon for traders/short-term trend is 1-3 weeks while it is 1-3 months for investors/long-term trend.
Combining Technical and Fundamental Analysis: Investors can combine technical analysis (TA) with fundamental analysis (FA) to maximize their investment returns. While the “True Value” of stocks could be estimated by FA, the entry and exit timings could be fine
tuned using technical analysis to benefit from short-term movements in stock prices.
Trading Tactics: The trend direction should be analyzed based on the time-horizon of your investments. In general, investors attempt selling close to resistance levels during a downtrend and attempt buying close to support levels during uptrend.
Definitions:
1> Simple Moving Average (SMA): A SMA is the average of the closing price of a security for a given period.
2> RSI (Relative Strength Index): A technical momentum indicator that ranges from 0 to 100 and compares the stock’s recent price movements by evaluating recent gains and losses. Stocks with RSI above 70 could be considered overbought and below 30 could be
considered oversold. If the RSI falls below 70, it is a bearish signal. On the other hand, if the RSI rises above 30 it is considered bullish. We use a RSI of 14 days.
3> MACD (Moving Average Convergence Divergence): MACD denotes the relationship between two moving averages, which is used to spot changes in strength, direction, momentum and duration of a stock price trend. The MACD is calculated by subtracting the 26-day
exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, is also plotted on top of the MACD, functioning as a trigger for buy/sell signals. The MACD line above the signal line provides a positive signal and vice versa.
Name (Ticker) Last Close Trend Support Resistance
Short Term Long Term First Second First Second
Qatar Exchange Index (QE Index) 9,780.34 UP UP 9,700.00 9,600.00 10,200.00 10,350.00
Al Rayan Islamic Index (QERI Index) 2,803.85 UP FLAT 2,700.00 2,600.00 2,950.00 3,000.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.55 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD) 68.40 UP DOWN 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD)* 54.50 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 68.60 DOWN DOWN 65.00 64.30 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.80 UP UP 47.90 45.00 60.80 61.50
Al Khalij Commercial Bank (KCBK QD) 18.90 UP UP 16.05 15.85 19.90 20.75
National Leasing Holding Co. (NLCS QD) 34.55 UP FLAT 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (QMLS QD) 50.60 DOWN DOWN 47.50 46.70 69.10 78.50
Industrials
Industries Qatar (IQCD QD) 155.00 UP DOWN 144.10 142.00 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD) 156.40 DOWN FLAT 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 49.00 UP UP 30.50 29.50 52.00 54.00
Qatari Investors Group (KHCD QD) 30.55 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD)* 25.85 UP FLAT 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 21.63 UP DOWN 17.06 16.00 25.30 25.90
Mazaya Qatar Real Estate Development (MRDS QD)* 11.70 UP UP 10.17 9.42 12.65 13.20
Telecom
Ooredoo (ORDS QD) 139.90 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.11 UP UP 8.50 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.78 UP UP 15.08 14.52 21.15 21.70
Milaha (QNNS QD)* 81.50 UP UP 58.20 56.70 84.90 86.50