The document provides a technical analysis of various Qatari stocks and indexes. It analyzes the short-term and long-term trends of the QE Index, Al Rayan Islamic Index, and individual stocks. For some stocks like Qatari Investors Group and Gulf International Services, it notes they have broken out of resistances and may continue an upward trend. Other stocks like Widam Food are seen moving lower in the short-term. Technical indicators like RSI and MACD are also referenced to support the analyses. Key resistance and support levels are identified for the indexes and stocks.

1. TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Neutral
Al Rayan Islamic Index: Short-Term – Neutral
Qatari Investors Group: Short-Term – Breakout
The QE Index rebounded and reclaimed the 11,062.24 level and the
21-day moving average as well as cleared the descending trendline
in a single swoop. The index has been successfully able to defend
the 11,000.0 psychological level and managed to stay above it on
many occasions, which is a positive sign. However, the index needs
to cling onto the 21-day moving average to proceed toward 11,170.0.
Any dip below the 21-day moving average may test 11,062.24.
The QERI Index snapped its four-day losing streak and rose by
around 0.58% to close the session at 3,202.82. The index breached
the resistance of 3,199.21 as buying interest pushed prices higher.
However, traders are advised to wait and watch if there is any further
follow-through to yesterday’s rebound. If the index manages to hold
onto 3,199.21, it may advance toward the 3,214.82 level. However,
any failure to defend 3,199.21 may be a bearish sign.
QIGD surged 5.24% yesterday and witnessed a strong rebound to
breach the important resistances of QR47.70 and the descending
trendline along with the 21-day moving average in a single swoop.
Notably, volumes were also high on the breakout. We believe this
strong breach of resistances has bullish implications. Moreover, both
the RSI and the MACD lines are pointing higher. On the upside QIGD
has immediate resistance at the QR50.10 level.
Gulf International Services: Short-Term – Breakout
Widam Food Co.: Short-Term – Downmove
Qatar Insurance: Short-Term – Breakout
GISS cleared the key resistance of QR81.0 after consolidating below
this level over the past few days. Moreover, the stock developed a
bullish engulfing candle pattern on Tuesday and continued its
upmove yesterday, thus providing a bullish confirmation. We believe
the stock may now march toward its all-time high of QR84.60.
Meanwhile, the RSI and the MACD lines are moving up indicating a
potential rally. However, a dip below QR81.0 may halt its upmove.
WDAM has been trending weak on the charts and is witnessing
selling pressure for the past few days. Moreover, the RSI is moving
further down from the oversold territory, while the MACD is growing
bearish and is drifting away from the signal line with no immediate
trend reversal signs. We believe the stock may continue to move
lower and test its immediate support of the QR48.10 level. If this level
is breached, the stock is likely to cave under more selling pressure.
QATI surged over 4% and breached the resistances of the long-term
ascending trendline and QR80.0 tagging a 52-week high. The recent
price action and rising volumes indicate that QATI may continue
pushing the price toward QR84.60 level. Moreover, the stock has
further support for a higher move from the RSI which is moving
strongly in the overbought territory, and the MACD moving up in a
bullish manner, thus supporting our positive technical outlook.
Page 1 of 2

2. Name (Ticker)
Last Close
Trend
Short Term
Support
Long Term
First
Resistance
Second
First
Second
Qatar Exchange Index (QE Index)
11,134.70
UP
UP
11,100.00
11,062.24
11,171.33
11,250.00
Al Rayan Islamic Index (QERI Index)
3,202.82
DOWN
UP
3,199.21
3,150.00
3,215.00
3,240.37
Masraf Al Rayan (MARK QD)
35.10
UP
UP
34.15
33.50
35.50
36.00
Commercial Bank of Qatar (CBQK QD)
71.40
DOWN
FLAT
70.90
70.20
71.80
72.80
Doha Bank (DHBK QD)
65.00
UP
UP
64.80
63.30
65.70
66.00
Qatar Islamic Bank (QIBK QD)
75.60
UP
UP
75.00
74.00
76.00
77.00
Qatar International Islamic Bank (QIIK QD)
67.40
DOWN
UP
67.00
66.50
68.00
69.40
Qatar Insurance (QATI QD)*
82.00
UP
UP
81.00
80.00
84.60
86.90
National Leasing Holding Co. (NLCS QD)
30.55
FLAT
DOWN
29.95
29.15
31.00
31.45
Widam Food Co. (WDAM QD)*
48.70
DOWN
DOWN
48.10
47.50
49.30
50.30
Al Meera Consumer Goods Co. (MERS)
148.00
UP
UP
145.90
142.70
150.00
151.50
Industries Qatar (IQCD QD)
175.60
DOWN
UP
174.60
173.00
178.30
180.00
Qatar Electricity & Water Co. (QEWS QD)
181.00
FLAT
UP
180.00
177.20
182.50
184.00
Gulf International Services (GISS QD)*
82.00
UP
UP
81.00
79.40
84.60
86.00
Qatari Investors Group (QIGD QD)*
49.20
UP
UP
48.50
47.70
50.10
52.40
Barwa Real Estate Co. (BRES QD)
30.70
DOWN
FLAT
30.10
29.70
30.85
31.20
United Development Co. (UDCD QD)
22.40
DOWN
DOWN
22.38
22.00
22.84
23.10
Ooredoo (ORDS QD)
146.20
DOWN
UP
145.90
144.00
149.00
150.00
Vodafone Qatar (VFQS QD)
11.31
FLAT
UP
11.19
11.00
11.44
11.60
Nakilat (QGTS QD)
20.92
FLAT
UP
20.74
20.50
21.07
21.32
Milaha (QNNS QD)
89.60
DOWN
UP
88.00
87.00
90.00
91.30
Banks and Financial Services
Banks and
Consumer Goods and Services
Consumer G
Industrials
Industrials
Real Estate
Real Estate
Telecom
Telecom
Transportation
Transportat
*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 55day 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.
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
QNB Financial Services SPC
Head of Research
Tel: (+974) 4476 6534
saugata.sarkar@qnbfs.com.qa
Head of Trading
Tel: (+974) 4476 6535
ahmed.shehada@qnbfs.com.qa
Head of Sales
Tel: (+974) 4476 6533
keith.whitney@qnbfs.com.qa
Manager - HNWI
Tel: (+974) 4476 6544
sahbi.alkasraoui@qnbfs.com.qa
Contact Center: (+974) 4476 6666
PO Box 24025
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.
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