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TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index continued its upswing tagging another new 52-week
high (10,074.92), gaining around 22 points (0.21%) to close at
10,065.20. The index is relentlessly tagging new 52-week highs over
the past three days on the back of large volumes indicating the
continuation of this rally. We believe the current strength may push
the index above the 10,100.0 level toward the 10,150.0 level.
Moreover, both momentum indicators look strong for a further upside.
Qatar Electricity & Water Co.: Short-Term – Pull Back
QEWS was attempting to find some footing near the QR165.0 level,
but eventually caved in to selling pressure since its breach below the
QR165.0 level. We believe the stock is underperforming and may drift
lower to test the QR163.0 level. Any sustained weakness below this
level would indicate a move toward QR162.0. Moreover, with both the
RSI and MACD lines trending weak, it appears that QEWS is heading
lower with no trend reversal signs.
Al Rayan Islamic Index: Short-Term – Bounce Back
The QERI Index rose by around 6 points (0.19%) to close the session
at 2,886.99. The index found support near 2,874.0 and rebounded as
buyers stepped in. The index is steadily moving higher over the past
few days and is now approaching the 2,900.0 psychological level. We
believe the index is showing strength and there are no imminent trend
reversal signs currently. The bullish RSI and the rising MACD lines
provide the index an upward bias.
Qatar International Islamic Bank: Short-Term – Bounce Back
QIIK penetrated the resistance of QR56.90 for the first time since
February, which is a positive signal for the stock. Moreover, both
momentum indicators are moving strongly in the bullish territory.
Thus, it appears that the current higher push has enough steam to
test and surpass the ascending trendline resistance at QR57.25,
targeting QR58.0. However, if the stock dips below the support of
QR56.90 on a closing basis, it may consolidate.
Al Khalij Commercial Bank: Short-Term – Bounce Back
KCBK breached the resistances QR18.50 and QR19.0 on the back of
large volumes. This strong breakout has bullish implications. KCBK
registered strong gains yesterday surging around 5.37%. The stock
has moved higher over the past few days indicating that this rally may
witness a further advance toward the QR20.0 level. However, if the
stock declines below the QR19.0 level on a closing basis, it may halt
the upmove. Meanwhile, both indicators indicate a further upside.
Milaha: Short-Term – Bounce Back
QNNS cleared its resistances of QR80.50 and QR81.50 in a single
trading session and made further headway. Notably, volumes were
also high on the breakout, indicating a rising buying interest. The
stock is moving higher over the past few days and is now poised to
test its next resistance at QR82.50; a successful accomplishment of
which will provide an upper target of QR83.0. However, a dip below
QR81.50 may test QR81.0. Both indicators are giving bullish signs.

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) 10,065.20 UP UP 9,800.00 9,700.00 10,100.0 10,200.00
Al Rayan Islamic Index (QERI Index) 2,886.99 UP UP 2,800.00 2,750.00 2,900.00 2,950.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.90 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD) 69.80 DOWN DOWN 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD) 55.80 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 72.10 UP UP 67.60 67.00 78.50 79.60
Qatar International Islamic Bank (QIIK QD)* 57.00 UP UP 47.90 45.00 58.40 60.00
Al Khalij Commercial Bank (KCBK QD)* 19.24 UP UP 16.05 15.85 19.90 20.75
National Leasing Holding Co. (NLCS QD) 36.10 UP DOWN 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (QMLS QD) 56.00 DOWN DOWN 55.30 52.30 69.10 78.50
Industrials
Industries Qatar (IQCD QD) 160.00 UP UP 156.45 155.50 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD)* 163.70 DOWN UP 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD) 50.80 UP UP 30.50 29.50 52.00 54.00
Qatari Investors Group (KHCD QD) 30.75 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD) 26.05 UP DOWN 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD) 22.85 UP DOWN 17.06 16.00 25.30 25.90
Mazaya Qatar Real Estate Development (MRDS QD) 12.10 UP UP 10.17 9.42 12.65 13.20
Telecom
Ooredoo (ORDS QD) 144.50 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.37 UP UP 8.90 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 20.52 UP UP 15.08 14.52 21.15 21.70
Milaha (QNNS QD)* 81.90 UP UP 58.20 56.70 82.90 83.70