This document provides a daily technical analysis of stocks on the Qatar Stock Exchange. It analyzes two stocks, VFQS trading at QR15.92 and GWCS trading at QR56.00. For each stock, it provides commentary on recent price action, expected resistance and support levels, and recommendations on entry and exit points. It also includes a summary of market indicators and index performance for the QSE. Technical indicators such as MACD, RSI, and moving averages are referenced to support the analysis.

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Daily Technical Trader – Qatar
Wednesday, 04 February 2015
Stocks Covered Today
Ticker Price Target
VFQS 15.92 16.44
GWCS 56.00 57.00
QSE Index
Level % Ch. Vol. (mn)
Last 12,279.37 1.3 6.5
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,350 12,600 12,800
Support 12,250 12,000 11,850
QSE Index Commentary
Overview:
The QSE Index opened with a gap and
rose in another session, facing an
expected target of 12,350. It is important
to remember that the Index reached the
overbought area on the intraday chart
which could suggest profit taking in the
coming session. The MACD’s Histogram
also started to show signs of weakness on
the intraday chart, supporting the
expectation of a slight drop can take
place.
Expected Resistance Level: 12,350
Expected Support Level: 12,250
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 03 Feb 15 02 Feb 15 %Ch.
Value Traded (QR mn) 780.2 468.0 66.7
Ex. Mkt. Cap. (QR bn) 663.8 655.9 1.2
Volume (mn) 16.3 8.4 94.0
Number of Trans. 8,115 5,793 40.1
Companies Traded 42 41 2.4
Market Breadth 37:5 20:19 –
QE Indices
Market Indices Close 1D% RSI
Total Return 18,430.94 1.3 58.8
All Share Index 3,164.72 1.3 59.1
Banks 3,235.53 1.1 58.3
Industrials 3,967.41 1.8 57.5
Transportation 2,397.68 0.8 65.9
Real Estate 2,329.65 1.9 56.8
Insurance 3,862.72 -0.4 58.3
Telecoms 1,377.24 1.1 45.7
Consumer 7,290.42 1.7 63.6
Al Rayan Islamic 4,234.32 2.0 62.4
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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VFQS
Price % Ch. Volume
Last 15.92 4.05 2,395,595
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 16.10 16.44 17.70
Support 15.75 15.00 14.40
Commentary
Overview:
The name created an Inverse Head and
Shoulders bottom. It is a bullish reversing
price pattern which suggests a possible
strong move upwards. A pullback already
took place and the stock managed to
break above the neckline and sustained
its level there. Any further pullback could
be used as an entry point to accumulate
the name as long as the price does not
drop below the QR15.50.
Expected Target Price: QR16.44 –
QR17.00
Entering a buy trade can be achieved by
picking the share as long as it sustains its
level above QR15.50. For risk averse
traders, a break above QR16.10 and
beyond is more appropriate for a buying
confirmation.
Suggested Stop-Loss Price: QR15.50
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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GWCS
Price % Ch. Volume
Last 56.00 0.18 80,136
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 56.30 57.00 57.30
Support 55.00 54.00 53.10
Commentary
Overview:
The name is trading in a triangle price
range. It is hard and risky to predict price
movements in a range. However, we
expect the stock to continue to rise until it
reaches the upper border of the triangle
(denoted with the red line). The MACD on
both time frames is facing up and the RSI
is just above the neutral area.
Expected Target Price: QR57.00 –
QR57.30
A break above the QR56.30 resistance
line is a prerequisite for a quick buy trade
to be punched in.
Suggested Stop-Loss Price: QR55.30
(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 12,279.37 12,107.40 12,163.70 12,198.48 12,254.78 12,311.08 12,345.86 12,402.16 12,211.13 12,970.94 12,991.12
Total Return 18,430.94 18,172.81 18,257.32 18,309.52 18,394.02 18,478.53 18,530.73 18,615.23 18,217.41 19,348.34 19,376.46
All Share 3,164.72 3,120.33 3,134.20 3,142.76 3,156.62 3,170.49 3,179.05 3,192.91 3,124.69 3,298.06 3,299.47
Al Rayan Islamic 4,234.32 4,135.05 4,164.36 4,182.47 4,211.79 4,241.10 4,259.21 4,288.53 4,107.45 4,367.60 4,367.01
Banks & Financials Services
MARK 49.00 47.73 48.13 48.38 48.78 49.18 49.43 49.83 45.09 49.13 51.07
CBQK 69.30 68.77 68.92 69.01 69.17 69.32 69.41 69.57 68.11 70.47 69.17
DHBK 58.20 57.53 57.76 57.90 58.13 58.36 58.50 58.73 56.67 58.05 59.48
QIBK 109.00 105.00 106.34 107.16 108.50 109.84 110.66 112.00 102.22 107.73 103.70
QIIK 83.60 80.27 81.22 81.81 82.77 83.72 84.31 85.27 80.30 84.13 84.54
Insurance
QATI 87.70 87.50 87.61 87.69 87.80 87.91 87.99 88.10 86.10 92.18 88.04
Consumer Goods & Services
MCGS 128.50 126.83 127.33 127.64 128.13 128.63 128.94 129.43 120.20 124.26 110.88
Industrials
IQCD 154.60 153.67 154.05 154.28 154.67 155.05 155.28 155.67 166.45 179.13 180.38
QEWS 195.20 194.07 194.64 194.99 195.57 196.14 196.49 197.07 188.09 188.42 187.06
GISS 110.10 106.17 107.62 108.52 109.97 111.42 112.32 113.77 96.78 109.55 105.91
QIGD 39.70 37.97 38.62 39.02 39.67 40.32 40.72 41.37 40.16 46.81 53.72
Real Estate
BRES 47.35 45.22 45.92 46.36 47.07 47.77 48.21 48.92 43.71 43.66 41.84
UDCD 24.98 24.16 24.45 24.62 24.91 25.20 25.37 25.66 24.12 26.01 26.24
ERES 14.75 14.54 14.61 14.65 14.71 14.78 14.82 14.88 15.32 17.40 20.94
MRDS 20.70 20.19 20.39 20.51 20.70 20.90 21.02 21.21 19.58 21.68 20.92
Telecommunication
ORDS 113.40 112.53 113.03 113.34 113.83 114.33 114.64 115.13 116.58 122.13 129.90
VFQS 15.92 15.05 15.34 15.51 15.79 16.08 16.25 16.53 15.86 18.23 18.73
Transportation
QGTS 24.09 23.52 23.71 23.82 24.00 24.19 24.30 24.48 23.02 23.67 23.66
QNNS 102.90 99.03 100.29 101.07 102.33 103.59 104.37 105.63 97.01 97.46 96.04
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
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