- The QSE index fell 0.3% on light trading volumes, remaining bearish in the short-term as it remains below its simple moving averages and the MACD is below zero. - DHBK is challenging its 50SMA and trading above its 100SMA, which are positive signs, with an expected target price of QR54.40-QR55.00 on a breakout above QR53.60. - ERES has been trading above its medium-term uptrend but is expected to retreat to QR17.50-QR17.20, with a sell recommendation on a breach below QR17.80.

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Daily Technical Trader – Qatar
Monday, 27 July 2015
Stocks Covered Today
Ticker Price 1
st
Target
DHBK 53.50 54.40
ERES 17.90 17.50
QSE Index
Level % Ch. Vol. (mn)
Last 11,909.17 -0.3 3.2
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,000 12,150 12,200
Support 11,900 11,800 11,700
QSE Index Commentary
Overview:
The Index moved down by 0.3% on
shallow traded volumes another day. We
reiterate our bearish short-term view point
as the Index is going the same challenges
as before (moving below its SMAs and the
MACD is below zero on both time frames).
Expected Resistance Level: 12,000
Expected Support Level: 11,900
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 26 Jul 23 Jul %Ch.
Value Traded (QR mn) 167.9 175.4 -4.3
Ex. Mkt. Cap. (QR bn) 632.6 633.9 -0.2
Volume (mn) 3.5 3.6 -4.5
Number of Trans. 5,617 3,297 70.4
Companies Traded 41 40 2.5
Market Breadth 14:22 25:11 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,511.09 -0.3 45.1
All Share Index 3,193.10 -0.2 46.2
Banks 3,141.79 0.1 47.4
Industrials 3,789.81 -0.4 38.1
Transportation 2,469.18 0.1 55.9
Real Estate 2,741.27 -0.7 49.9
Insurance 4,815.71 -1.3 55.4
Telecoms 1,137.12 -0.1 35.9
Consumer 7,551.65 0.4 68.9
Al Rayan Islamic 4,678.06 0.0 53.8
RSI 14 (Over Bought)
Ticker Close 1D% RSI
MERS 281.20 3.0 78.0
RSI 14 (Over Sold)
Ticker Close 1D% RSI
GISS 73.30 0.1 26.5
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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DHBK
Price % Ch. Volume
Last 53.50 -0.19 37,989
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 53.60 54.40 55.00
Support 53.40 52.50 52.00
Commentary
Overview:
Although the bank has been moving under
its medium-term downtrend, the flattish
short-term attitude might be positive. The
price is challenging its 50SMA and trading
above its 100SMA, which are both positive
signs.
Expected Target Price: QR54.40 –
QR55.00
A price breakout above QR53.60 triggers
the buy recommendation.
Suggested Stop-Loss Price: QR53.40
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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ERES
Price % Ch. Volume
Last 17.90 -1.05 845,868
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 18.00 18.15 18.40
Support 17.80 17.50 17.20
Commentary
Overview:
ERES has been trading above its
medium-term uptrend line, but a correction
is possible. Although the price has been
trading above its 50 and 100SMAs, it was
challenged by the 200SMA last week and
failed to break above it.
Expected Price Retreat: QR17.50 –
QR17.20
A price breach below QR17.80 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 11,909.17 11,865.66 11,888.03 11,901.85 11,924.23 11,946.60 11,960.42 11,982.80 12,090.52 12,010.11 12,357.67
Total Return 18,511.09 18,443.46 18,478.23 18,499.72 18,534.50 18,569.27 18,590.76 18,625.54 18,790.38 18,627.45 18,806.69
All Share 3,193.10 3,186.05 3,189.73 3,192.01 3,195.70 3,199.38 3,201.66 3,205.35 3,230.81 3,206.13 3,226.80
Al Rayan Islamic 4,678.06 4,640.57 4,656.10 4,665.69 4,681.21 4,696.74 4,706.33 4,721.85 4,668.54 4,551.01 4,430.45
Banks & Financials Services
MARK 45.60 45.47 45.54 45.59 45.67 45.74 45.79 45.87 45.82 46.64 47.22
CBQK 54.80 54.67 54.74 54.79 54.87 54.94 54.99 55.07 55.20 56.72 60.11
DHBK 53.50 52.90 53.09 53.21 53.40 53.59 53.71 53.90 53.66 53.12 55.34
QIBK 109.60 106.93 107.74 108.23 109.03 109.84 110.33 111.13 106.72 103.91 104.94
QIIK 78.80 78.27 78.46 78.58 78.77 78.96 79.08 79.27 79.53 80.12 81.73
Insurance
QATI 99.20 97.53 98.34 98.83 99.63 100.44 100.93 101.73 97.18 87.92 83.57
Consumer Goods & Services
MCGS 191.50 169.17 177.95 183.38 192.17 200.95 206.38 215.17 181.49 168.28 147.55
Industrials
IQCD 133.10 132.30 132.76 133.04 133.50 133.96 134.24 134.70 138.05 140.09 156.04
QEWS 224.10 221.70 222.54 223.06 223.90 224.74 225.26 226.10 220.12 207.98 198.60
GISS 73.30 71.23 72.15 72.72 73.63 74.55 75.12 76.03 78.92 84.25 94.76
QIGD 51.80 50.40 50.90 51.20 51.70 52.20 52.50 53.00 53.07 48.36 46.07
Real Estate
BRES 50.60 50.33 50.49 50.58 50.73 50.89 50.98 51.13 51.40 49.67 47.33
UDCD 25.25 24.62 24.81 24.93 25.12 25.31 25.43 25.62 24.00 23.16 24.14
ERES 17.90 17.55 17.71 17.81 17.97 18.13 18.23 18.39 18.29 17.25 17.05
MRDS 18.38 18.24 18.32 18.37 18.45 18.53 18.58 18.66 18.80 18.49 19.20
Telecommunication
ORDS 82.90 82.10 82.44 82.66 83.00 83.34 83.56 83.90 89.09 95.94 107.25
VFQS 16.27 16.16 16.22 16.25 16.30 16.36 16.39 16.44 16.69 17.09 17.31
Transportation
QGTS 22.39 22.14 22.21 22.26 22.34 22.41 22.46 22.54 22.35 22.62 23.14
QNNS 98.00 95.93 96.70 97.17 97.93 98.70 99.17 99.93 97.84 99.50 99.21
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:
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
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