1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Neutral
The QE Index failed to make any further headway toward the 9,800.0
level and declined around 30 points (-0.30%) to close at 9,731.50, to
end the three consecutive day gains witnessed last week. The index
is currently trading close to its support of the 55-day moving average
(currently at 9,706.96). If the index penetrates below this level on a
closing basis, it would indicate a bearish sign and may test 9,670.0.
Conversely, if the index manages to hold this level, it may advance.
Industries Qatar: Short-Term – Pull Back
After failing to move above the descending trendline after two
repeated attempts last week, IQCD finally caved in to selling pressure
yesterday. We believe although IQCD is trading close to its immediate
support of the 21-day moving average (currently at QR151.19), it
might not cling on to it and decline further to test QR150.20.
Moreover, the RSI is moving lower from the midline indicating
weakness, thus supporting our bearish outlook for the stock.
Al Rayan Islamic Index: Short-Term – Neutral
The QERI Index reversed and fell by around 12 points (-0.42%) to
close the session at 2,793.43 after registering strong gains over the
past two days. The index breached below the support of the 2,800.0
psychological level along with the 55-day moving average (currently
at 2,799.54) as lack of buying interest pushed the prices lower. The
index needs to reclaim the 55-day moving average in order to keep its
up move intact; else it may retreat to test 2,782.0.
United Development Co.: Short-Term – Pull Back
UDCD moved higher yesterday but did not sustain above the 55-day
moving average (currently at QR22.22), indicating the chances of a
countertrend move. Moreover, the stock developed a Doji pattern
which is often used to suggest a shift in the direction of the trend. We
believe the stock may drift lower to test QR22.0. Any sustained selling
pressure below this level may even pull the stock to test QR21.70.
However, traders may watch out for QR22.22 for any reversal sign.
Widam Food Co.: Short-Term – Pull Back
WDAM dipped below the supports of the 21-day moving average
(currently at QR51.20) and QR51.0 yesterday. Moreover, the stock
developed a bearish Marubozu Candle pattern indicating that the
stock may correct from the current level. With both the RSI and
MACD lines pointing down, the preferred direction for the stock
appears to be on the downside, which may test QR50.0. However, if
the stock manages to climb above QR51.0, it may attract buyers.
Gulf International Services: Short-Term – Pull Back
After registering gains on Wednesday and Thursday, GISS started
this week on a high note but reversed and closed near its open
indicating exhaustion on the part of buyers. Moreover, GISS
developed a shooting star pattern, which often leads to either
consolidation or decline in coming days and test its immediate support
at QR53.70. If the stock penetrates below this level on a closing basis,
it may witness further selling pressure and test QR53.0.

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) 9,731.50 UP UP 9,500.00 9,440.00 10,200.00 10,350.00
Al Rayan Islamic Index (QERI Index) 2,793.43 UP DOWN 2,700.00 2,600.00 2,950.00 3,000.00
Banks and Financial Services
Masraf Al Rayan (MARK QD) 29.00 UP UP 24.00 23.20 31.40 33.00
Commercial Bank of Qatar (CBQK QD) 68.30 UP DOWN 63.90 62.40 84.20 87.20
Doha Bank (DHBK QD) 54.40 UP UP 42.00 39.50 57.14 58.00
Qatar Islamic Bank (QIBK QD) 68.70 UP FLAT 65.00 64.30 78.50 79.60
Qatar International Islamic Bank (QIIK QD) 56.40 UP UP 47.90 45.00 60.80 61.50
Qatar Insurance (QATI QD) 60.50 UP FLAT 58.50 57.00 62.30 63.30
National Leasing Holding Co. (NLCS QD) 34.55 FLAT DOWN 32.00 31.00 43.90 45.00
Consumer Goods and Services
Widam Food Co. (WDAM QD)* 50.50 UP UP 47.50 46.70 69.10 78.50
Al Meera Consumer Goods Co. (MERS) 135.20 UP UP 129.90 128.50 138.50 140.15
Industrials
Industries Qatar (IQCD QD)* 151.30 DOWN DOWN 144.10 142.00 175.20 176.80
Qatar Electricity & Water Co. (QEWS QD) 161.20 UP UP 140.00 132.10 172.00 174.00
Gulf International Services (GISS QD)* 53.90 UP UP 30.50 29.50 56.25 58.15
Qatari Investors Group (QIGD QD) 29.90 UP UP 20.36 20.00 31.80 33.50
Real Estate
Barwa Real Estate Co. (BRES QD) 26.00 UP UP 22.80 19.50 29.25 29.90
United Development Co. (UDCD QD)* 22.18 UP FLAT 17.06 16.00 25.30 25.90
Telecom
Ooredoo (ORDS QD) 139.80 UP UP 108.00 98.10 146.00 148.00
Vodafone Qatar (VFQS QD) 9.04 UP FLAT 8.50 8.24 9.98 10.20
Transportation
Nakilat (QGTS QD) 19.65 UP UP 15.08 14.52 21.15 21.70
Milaha (QNNS QD) 81.70 UP UP 58.20 56.70 84.90 86.50