- The QSE Index closed down 2.34% and has declined nearly 37% since its peak in September 2014. It is projected to find support around 9,000 and potentially 8,300. - IQCD has moved in line with falling international oil prices and may weaken further toward QR94-QR88 if it breaches QR96.20. - The document provides technical analysis of stock and market index movements and levels, including targets, resistances, supports, indicators and averages.

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Daily Technical Trader – Qatar
Sunday, 17 January 2016
Stocks Covered Today
Ticker Price 1
st
Target
IQCD 98.90 94.00
QSE Index
Level % Ch. Vol. (mn)
Last 9,185.12 -2.34 4.8
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 9,200 9,300 9,500
Support 9,000 8,900 8,800
QSE Index Commentary
Overview:
The QSE Index closed losing over 2%
from the session before and almost 6%
from last week’s. The Index continued its
decline and remained on our projected
path; the Index dipped by almost 37%
since its peak in September 2014. The
9,000 level could act as a psychological
support. If it doesn’t, then the next
expected medium-to-long term support is
going to be around 8,300.
Expected Resistance Level: 9,200
Expected Support Level: 9,000
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 14 Jan 13 Jan %Ch.
Value Traded (QR mn) 388.5 212.8 82.6
Ex. Mkt. Cap. (QR bn) 489.9 500.4 -2.1
Volume (mn) 9.0 5.6 60.2
Number of Trans. 4,859 3,223 50.8
Companies Traded 40 38 5.3
Market Breadth 4:36 10:26 –
QE Indices
Market Indices Close 1D% RSI
Total Return 14,276.94 -2.3 22.7
All Share Index 2,448.78 -2.4 21.9
Banks and Financials 2,450.07 -1.7 23.4
Industrials 2,807.05 -2.5 28.6
Transportation 2,199.48 -2.9 21.9
Real Estate 2,049.29 -3.0 27.7
Insurance 3,757.60 -1.9 33.6
Telecoms 910.51 -3.1 40.3
Consumer 5,075.16 -4.8 16.1
Al Rayan Islamic 3,338.13 -3.4 21.0
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QCFS 30.60 0.0 0.1
QIBK 86.40 -4.5 13.0
DHBK 37.10 -6.3 16.8
MRDS 11.99 -6.3 17.9
NLCS 12.15 -3.6 18.6
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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IQCD
Price % Ch. Volume
Last 98.90 -1.10 246,289
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 100.70 104.80 111.50
Support 96.20 94.00 88.00
Commentary
Overview:
IQCD has been moving in tandem with
international oil prices. Brent dollar-price
per barrel has been plotted on the chart
for comparison reasons (the solid dark
line). Due to this correlation, and to the
downward spiral that has been taking
place with oil prices, we expect the
possibility of further price weakness on
IQCD.
Expected Price Retreat: QR94.00 –
QR88.00
A price breach below QR96.20 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 9,185.12 8,909.49 9,015.94 9,081.71 9,188.15 9,294.60 9,360.37 9,466.81 10,321.58 10,917.27 11,458.31
Total Return 14,276.94 13,848.54 14,013.99 14,116.21 14,281.66 14,447.11 14,549.33 14,714.78 16,043.42 16,969.33 17,808.96
All Share 2,448.78 2,384.67 2,410.96 2,427.20 2,453.48 2,479.77 2,496.01 2,522.29 2,752.07 2,907.42 3,057.21
Al Rayan Islamic 3,338.13 3,198.90 3,257.74 3,294.09 3,352.92 3,411.76 3,448.11 3,506.94 3,837.20 4,107.57 4,356.75
Banks & Financials Services
MARK 32.70 31.40 31.84 32.11 32.55 32.99 33.26 33.70 37.22 40.13 43.22
CBQK 39.90 35.83 37.02 37.75 38.93 40.12 40.85 42.03 46.50 50.97 53.42
DHBK 37.10 35.70 36.39 36.81 37.50 38.19 38.61 39.30 44.68 47.54 50.44
QIBK 86.40 84.47 85.42 86.01 86.97 87.92 88.51 89.47 110.13 112.83 109.35
QIIK 58.90 56.83 57.44 57.82 58.43 59.04 59.42 60.03 66.35 70.70 75.09
Insurance
QATI 76.90 71.23 72.88 73.89 75.53 77.18 78.19 79.83 84.27 89.50 90.97
Consumer Goods & Services
MCGS 89.80 81.20 84.45 86.45 89.70 92.95 94.95 98.20 126.65 146.39 160.29
Industrials
IQCD 98.90 91.77 93.98 95.35 97.57 99.78 101.15 103.37 106.62 116.09 127.71
QEWS 194.00 191.87 192.67 193.16 193.97 194.77 195.26 196.07 208.13 209.77 211.95
GISS 42.10 40.57 41.24 41.65 42.32 42.99 43.40 44.07 51.67 57.38 68.68
QIGD 30.40 28.27 29.01 29.47 30.22 30.96 31.42 32.17 37.87 42.13 46.03
Real Estate
BRES 33.25 31.48 32.29 32.78 33.58 34.39 34.88 35.68 39.99 41.94 45.88
UDCD 18.90 18.27 18.53 18.70 18.97 19.23 19.40 19.67 20.98 22.39 23.04
ERES 14.20 13.84 13.97 14.05 14.18 14.31 14.39 14.52 16.13 17.49 17.60
MRDS 11.99 11.42 11.69 11.86 12.12 12.39 12.56 12.82 14.57 15.35 16.92
Telecommunication
ORDS 70.80 68.87 69.78 70.35 71.27 72.18 72.75 73.67 72.20 73.14 81.87
VFQS 11.00 10.61 10.76 10.85 11.00 11.15 11.24 11.39 12.09 13.07 14.86
Transportation
QGTS 20.89 20.23 20.50 20.66 20.93 21.20 21.36 21.63 23.50 23.24 22.81
QNNS 88.10 86.70 87.46 87.94 88.70 89.46 89.94 90.70 95.45 96.35 97.36
Sources: 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 6535
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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