Qatar stock exchange

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Daily Technical Trader – Qatar
Sunday, 21 December 2014
Stocks Covered Today
Ticker Price Target
IQCD 162.00 169.50
CBQK 62.50 64.70
QSE Index
Level % Ch. Vol. (mn)
Last 11,181.65 1.1 16.5
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 11,430 11,230 11,640
Support 10,900 10,500 10,000
QSE Index Commentary
Overview:
The Index stabilized above the critical
long-term trend line. The RSI is pointing
down and coming close to the oversold
area. In addition, the MACD is also in a
bearish correction mode. The good news
is the Doji candlestick created on the
weekly chart with high volumes. This
indicates indecision among traders
specifically after the sharp drop
experienced over the past month. Thus,
we expect a rebound from the current
levels, keeping a close eye for any breach
below the 10,900.
Expected Target Level: 11,600
This is the short-term expected target from
this level.
Suggested Stop-Loss Level: 10,900
A break below that level threatens further
significant weakness to the Index.
QSE Index (Weekly)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 17 Dec 14 16 Dec 14 %Ch.
Value Traded (QR mn) 643.1 1,008.1 -36.2
Ex. Mkt. Cap. (QR bn) 618.6 634.0 -2.4
Volume (mn) 14.1 25.2 -44.0
Number of Trans. 7,846 11,034 -28.9
Companies Traded 41 41 0.0
Market Breadth 25:12 37:4 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,677.33 1.1 24.9
All Share Index 2,851.86 1.0 24.7
Banks 3,020.15 1.6 34.5
Industrials 3,607.57 0.9 22.3
Transportation 2,030.21 1.0 23.6
Real Estate 1,968.80 -0.1 15.0
Insurance 3,349.85 1.2 22.8
Telecoms 1,278.80 0.0 27.0
Consumer 6,075.93 0.9 25.2
Al Rayan Islamic 3,599.81 -0.1 20.9
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
MPHC 25.60 -0.4 8.0
AHCS 10.70 0.9 9.5
ERES 13.32 1.1 12.6
DBIS 36.00 -7.9 12.9
QGTS 20.36 0.0 16.6
QSE Index (Daily)
Source: Bloomberg, QNBFS Research

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IQCD
Price % Ch. Volume
Last 162.00 -0.12 357,553
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 169.50 173.00 175.00
Support 160.00 156.00 151.00
Commentary
Overview:
The share tried to punch through the
QR160.00 over the past week three times.
Inability to close below the level proved a
strong support. On the daily, the RSI
reached the oversold area and is possibly
making a double bottom pattern there. It
exhibits strength on the name. The hourly
chart paints a clearer picture. The MACD
is below the zero line and turning
upwards, confirmed by its Histogram. The
RSI is lifting off the oversold area. There is
a small price gap between QR164.00 and
QR165.00 which is expected to be filled
on this bounce.
Expected Price Target: QR169.50
This target is concluded from the 23.6%
Fibonacci retracement level (denoted on
the hourly chart) and the downtrend line.
Suggested Stop-Loss Price: QR160.00
A drop below the level means a sharper
correction is unfolding.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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CBQK
Price % Ch. Volume
Last 62.50 -0.48 905,410
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 64.70 66.50 68.50
Support 62.00 60.00 57.80
Commentary
Overview:
Commercial Bank of Qatar could not
break below the QR62.00 level. The RSI
on the daily chart reached the oversold
area and the MACD is at an extreme level
below the zero line, suggesting a possible
bounce from this level. The story is
supported by the intraday chart. The name
created a long legged Doji candle stick,
which is a bullish reversal candle. This
Doji was followed by a failure to break
below QR61.00, suggesting a stronger
bounce from the level.
Expected Target Price: QR64.70 –
QR67.00
A bounce is expected from here as the
bank is still considered to be in a
downtrend.
Suggested Stop-Loss Price: QR61.00
A drop from this point means the
weakness may continue further to the next
support levels of QR60.00 then QR57.80.
(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 3
rd
2
nd
1
st
Pivot 1
st
2
nd
3
rd
50 SMA 100 SMA 200 SMA
QSE Index 11,181.65 10,903.37 10,994.69 11,051.10 11,142.42 11,233.74 11,290.15 11,381.47 13,171.32 13,408.73 12,929.01
Total Return 16,677.33 16,262.28 16,398.47 16,482.62 16,618.82 16,755.01 16,839.16 16,975.36 19,644.91 19,998.99 19,253.97
All Share 2,851.86 2,780.59 2,803.73 2,818.03 2,841.17 2,864.31 2,878.61 2,901.75 3,342.32 3,394.76 3,281.80
Al Rayan Islamic 3,599.81 3,524.02 3,555.38 3,574.75 3,606.11 3,637.47 3,656.84 3,688.20 4,428.13 4,538.96 4,288.00
Banks & Financials Services
MARK 41.70 40.33 40.89 41.23 41.78 42.34 42.68 43.23 49.32 52.47 50.26
CBQK 62.50 60.83 61.60 62.07 62.83 63.60 64.07 64.83 71.63 70.91 68.61
DHBK 50.50 49.77 50.19 50.45 50.87 51.29 51.55 51.97 57.78 58.89 60.03
QIBK 87.80 85.67 86.32 86.72 87.37 88.02 88.42 89.07 106.95 110.63 99.02
QIIK 71.80 68.40 69.66 70.44 71.70 72.96 73.74 75.00 84.07 86.11 83.62
Insurance
QATI 78.10 76.63 77.05 77.31 77.73 78.15 78.41 78.83 93.32 94.74 84.75
Consumer Goods & Services
MCGS 94.00 82.87 86.99 89.54 93.67 97.79 100.34 104.47 124.05 124.91 102.57
Industrials
IQCD 162.00 159.33 160.48 161.19 162.33 163.48 164.19 165.33 187.34 186.55 184.46
QEWS 165.70 158.63 161.65 163.52 166.53 169.55 171.42 174.43 186.58 186.89 184.40
GISS 79.50 70.83 73.32 74.85 77.33 79.82 81.35 83.83 111.54 116.16 103.04
QIGD 35.45 32.48 33.44 34.03 34.98 35.94 36.53 37.48 46.91 52.42 55.83
Real Estate
BRES 35.50 33.97 34.75 35.23 36.02 36.80 37.28 38.07 44.62 42.92 40.53
UDCD 20.68 19.76 20.03 20.19 20.46 20.73 20.89 21.16 26.17 27.75 25.77
ERES 13.32 12.95 13.11 13.21 13.37 13.53 13.63 13.79 18.21 19.09 21.42
MRDS 16.16 15.59 15.83 15.99 16.24 16.48 16.64 16.89 22.21 22.70 20.17
Telecommunication
ORDS 107.00 104.73 106.03 106.83 108.13 109.43 110.23 111.53 120.70 125.32 133.82
VFQS 14.00 13.50 13.75 13.90 14.15 14.40 14.55 14.80 18.75 19.84 18.26
Transportation
QGTS 20.36 19.92 20.15 20.29 20.52 20.75 20.89 21.12 23.57 24.03 23.29
QNNS 86.70 77.90 80.84 82.66 85.60 88.54 90.36 93.30 97.70 96.30 95.33
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
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