This document provides a daily technical analysis report on stocks traded in Qatar. It summarizes the performance of the QSE Index and selected stocks. The QSE Index had a shallow trading session and closed slightly higher but may face further correction. Two stocks, BRES and NLCS, are analyzed in more detail. BRES is in an uptrend but has been trading in a range, so a correction is possible. NLCS reached a previous peak and indicators suggest a correction may continue. Market indicators like trading value and volume are also summarized.

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Daily Technical Trader – Qatar
Thursday, 19 February 2015
Stocks Covered Today
Ticker Price Target
BRES 48.25 46.60
NLCS 21.77 21.35
QSE Index
Level % Ch. Vol. (mn)
Last 12,561.86 0.1 10.6
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,600 12,800 12,900
Support 12,350 12,250 12,000
QSE Index Commentary
Overview:
The QSE Index had a shallow trading
session yesterday. It moved slightly up
then started to correct in the second half
of the session, creating a longer shadow
on the daily candlestick. Technical
indicators did not change significantly to
reassess the present status of the market.
We already concluded in the previous
reports that we expect the correction to
extend further and we reiterate our stance
on that.
Expected Resistance Level: 12,800
Expected Support Level: 12,350
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 18 Feb 15 17 Feb 15 %Ch.
Value Traded (QR mn) 509.6 628.1 -18.9
Ex. Mkt. Cap. (QR bn) 679.3 678.9 0.1
Volume (mn) 12.7 14.5 -12.7
Number of Trans. 5,405 6,268 -13.8
Companies Traded 39 40 -2.5
Market Breadth 14:19 11:26 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,879.83 0.2 60.7
All Share Index 3,256.40 0.2 62.6
Banks 3,287.51 0.7 60.4
Industrials 4,037.50 0.4 58.5
Transportation 2,465.74 -0.1 68.9
Real Estate 2,516.65 -0.6 60.7
Insurance 4,057.91 -0.7 65.7
Telecoms 1,405.53 -0.9 47.8
Consumer 7,516.89 0.3 69.8
Al Rayan Islamic 4,413.82 0.4 65.3
RSI 14 (Over Bought)
Ticker Close 1D% RSI
MCGS 146.00 -1.4 77.1
AHCS 18.60 -0.5 74.1
QATI 93.70 0.0 73.9
QIIK 88.10 0.6 72.1
QGTS 25.10 0.4 71.8
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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BRES
Price % Ch. Volume
Last 48.25 -0.52 892,533
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 48.60 49.60 50.00
Support 47.30 46.40 46.00
Commentary
Overview:
BRES is going through a bullish leg and
the short-term up trend is still intact.
However, it is important to note that the
name has been trading in a range in the
last two weeks, and the MACD is starting
to lose momentum. Thus, a correction is
possible if the price breaks below
QR47.30.
Expected Price Retreat: QR46.60
Price breach below QR47.30 is needed
before the sell order is entered.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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NLCS
Price % Ch. Volume
Last 21.77 -0.59 63,772
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 22.40 22.70 23.20
Support 21.74 21.35 21.00
Commentary
Overview:
The name reached a previous peak at
QR23.00. That peak established a Long-
Legged Doji in the previous week, just
below the downtrend medium-term. The
preceding indicates a possible correction
might take place. The price moved slightly
lower since then. The MACD suggests
that the correction may continue further.
Expected Price Retreat: QR21.35 –
QR21.00
A break below QR21.74 is needed to
trigger the sell position.
(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 12,561.86 12,439.18 12,488.51 12,518.99 12,568.32 12,617.65 12,648.13 12,697.46 12,123.16 12,818.65 12,985.39
Total Return 18,879.83 18,695.44 18,769.59 18,815.40 18,889.54 18,963.69 19,009.50 19,083.64 18,110.57 19,133.39 19,374.17
All Share 3,256.40 3,226.71 3,238.21 3,245.32 3,256.83 3,268.33 3,275.44 3,286.95 3,111.89 3,267.25 3,298.60
Al Rayan Islamic 4,413.82 4,356.33 4,376.57 4,389.08 4,409.33 4,429.57 4,442.08 4,462.33 4,108.48 4,331.11 4,378.91
Banks & Financials Services
MARK 48.50 47.93 48.18 48.34 48.58 48.83 48.99 49.23 45.49 48.42 51.14
CBQK 68.60 67.40 67.86 68.14 68.60 69.06 69.34 69.80 67.65 70.08 69.20
DHBK 57.60 57.33 57.45 57.52 57.63 57.75 57.82 57.93 56.59 57.63 59.17
QIBK 107.00 102.13 103.89 104.98 106.73 108.49 109.58 111.33 103.18 106.75 104.86
QIIK 88.00 87.20 87.62 87.88 88.30 88.72 88.98 89.40 80.91 83.61 84.65
Insurance
QATI 93.70 88.63 90.31 91.35 93.03 94.71 95.75 97.43 86.12 91.45 88.60
Consumer Goods & Services
MCGS 147.50 143.37 144.55 145.28 146.47 147.65 148.38 149.57 122.31 125.02 113.62
Industrials
IQCD 153.20 150.53 151.68 152.39 153.53 154.68 155.39 156.53 159.99 175.11 178.97
QEWS 191.50 189.83 190.60 191.07 191.83 192.60 193.07 193.83 189.60 189.04 187.76
GISS 102.00 99.33 100.48 101.19 102.33 103.48 104.19 105.33 97.04 107.87 106.63
QIGD 45.20 40.27 41.68 42.55 43.97 45.38 46.25 47.67 39.58 44.90 52.51
Real Estate
BRES 48.25 47.15 47.53 47.77 48.15 48.53 48.77 49.15 44.00 44.33 42.37
UDCD 24.10 23.79 23.91 23.98 24.10 24.22 24.29 24.41 23.86 25.52 26.27
ERES 16.94 16.57 16.76 16.88 17.07 17.26 17.38 17.57 15.22 17.14 19.87
MRDS 19.80 19.39 19.59 19.72 19.93 20.13 20.26 20.47 19.40 21.30 20.93
Telecommunication
ORDS 114.00 113.33 113.72 113.95 114.33 114.72 114.95 115.33 116.15 120.24 128.28
VFQS 17.04 16.41 16.68 16.85 17.11 17.38 17.55 17.81 15.95 17.82 18.78
Transportation
QGTS 25.05 24.92 24.97 25.01 25.07 25.12 25.16 25.22 23.26 23.65 23.75
QNNS 103.50 102.83 103.02 103.14 103.33 103.52 103.64 103.83 97.99 98.21 96.31
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.