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TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER 
QE Index: Short-Term – Neutral 
The QE Index ended the day in the red losing around 182 points (- 
1.35%) after sustaining its gains over the past two sessions. The 
index failed to make any further headway toward 13,550.0 and 
retreated breaching many important psychological levels. Meanwhile, 
the index has its immediate psychological support at 13,300.0; if level 
gets penetrated, that may trigger selling pressure. Conversely, a 
close above 13,350.0 may keep its upward hopes intact. 
Gulf International Services: Short-Term – Pullback 
GISS has been experiencing a steady decline since moving below 
the 21-day moving average. Moreover, the stock penetrated below 
the key support of QR115.0 with increased volumes, after managing 
to defend this level several times before providing a bearish signal. 
We believe with both the indicators pointing down, the stock may 
experience further weakness and move lower to test QR111.90. 
Conversely, a close above QR115.0 may attract buying interest. 
Al Rayan Islamic Index: Short-Term – Pullback 
The QERI Index extended its losses for the second consecutive 
session and fell around 59 points (-1.30%). The index remained in 
bearish mode and slipped below its important supports of 4,529.0 and 
4,500.0, caving under selling pressure. With both the momentum 
indicators looking weak, it seems the index may further drift lower 
toward 4,450.0. On the flip side, the index may rebound if it manages 
to reclaim the 4,500.0 level on a closing basis. 
Mazaya Qatar Real Estate Dev.: Short-Term – Pullback 
MRDS continued its declining trend and further drifted below its 
support of QR22.45 yesterday. Moreover, the stock developed a 
bearish Marubozu candlestick formation on the daily charts, 
suggesting the stock may continue its pullback. With the RSI moving 
down, and the MACD growing in a bearish manner, it seems the 
stock may move lower toward QR22.09. However, MRDS may get 
some relief if it manages to climb above the QR22.45 level. 
Qatar Electricity & Water Co.: Short-Term – Pullback 
QEWS witnesses sustained selling pressure and penetrated below its 
supports of QR186.0 and QR184.0, along with the 55-day moving 
average in a single swoop. Notably, volumes were also large on the 
decline, indicating a negative sign. We believe although the stock is 
trading close to its immediate support of QR182.0, it may not cling 
onto it and decline further to test QR180.0. Meanwhile, both the 
momentum indicators are providing bearish signals. 
Nakilat: Short-Term – Pullback 
QGTS is tagging lower lows on the charts since topping the current 
rally at QR25.30. Further, the stock breached its supports of QR23.90 
and QR23.40 in a single trading session on the back of increased 
participation, indicating weakness. We believe this strong breach of 
supports has bearish implications and provides a downside target of 
QR23.0. However, a close above QR23.40 may halt its pullback. 
Meanwhile, both the momentum indicators are in downtrend mode.
Contacts 
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC 
Head of Research Senior Research Analyst Senior Research Analyst Manager - HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@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) 13,329.02 DOWN DOWN 13,300.00 13,195.88 13,350.54 13,400.00 Al Rayan Islamic Index (QERI Index) 4,481.68 DOWN DOWN 4,468.06 4,444.86 4,500.00 4,528.58 Banks and Financial Services 
Banks and Masraf Al Rayan (MARK QD) 
52.90 
DOWN 
DOWN 
52.80 
51.80 
54.00 
55.00 Commercial Bank of Qatar (CBQK QD) 71.00 DOWN FLAT 70.70 69.90 71.50 72.40 
Doha Bank (DHBK QD) 
57.40 
DOWN 
DOWN 
57.00 
56.20 
58.00 
59.20 Qatar Islamic Bank (QIBK QD) 112.80 DOWN FLAT 111.00 110.00 113.00 115.00 
Qatar International Islamic Bank (QIIK QD) 
85.00 
DOWN 
DOWN 
84.90 
83.00 
85.90 
87.80 Qatar Insurance (QATI QD) 99.00 FLAT UP 98.00 97.00 100.00 100.90 Consumer Goods and Services 
Consumer Goods Medicare Group (MCGS QD) 
124.00 
DOWN 
DOWN 
121.50 
118.20 
126.50 
128.80 Industrials 
Industrials 
Industries Qatar (IQCD QD) 
182.90 
DOWN 
DOWN 
181.00 
180.00 
183.00 
184.50 Qatar Electricity & Water Co. (QEWS QD)* 182.10 DOWN DOWN 182.00 180.00 184.00 186.00 
Gulf International Services (GISS QD)* 
114.00 
DOWN 
DOWN 
111.90 
109.00 
115.00 
118.10 Qatari Investors Group (QIGD QD) 55.00 DOWN DOWN 54.30 52.20 55.20 56.10 Real Estate 
Real Estate 
Barwa Real Estate Co. (BRES QD) 
40.10 
DOWN 
DOWN 
39.70 
39.20 
40.20 
41.00 United Development Co. (UDCD QD) 27.65 DOWN DOWN 27.35 27.00 27.85 28.20 
Ezdan Holding Group (ERES QD) 
19.45 
DOWN 
DOWN 
19.36 
19.00 
19.71 
20.04 Mazaya Qatar Real Estate Development (MRDS QD)* 22.30 DOWN DOWN 22.09 21.35 22.45 22.90 Telecom 
Telecom 
Ooredoo (ORDS QD) 
126.10 
DOWN 
DOWN 
126.00 
124.50 
128.00 
129.70 Vodafone Qatar (VFQS QD) 20.46 DOWN DOWN 20.40 20.00 20.79 21.00 Transportation 
Transportation 
Nakilat (QGTS QD)* 
23.28 
DOWN 
DOWN 
23.00 
22.45 
23.40 
23.90 Milaha (QNNS QD) 92.20 DOWN DOWN 91.30 90.10 93.00 94.50

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16 October Daily technical trader

  • 1. Page 1 of 2 TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER QE Index: Short-Term – Neutral The QE Index ended the day in the red losing around 182 points (- 1.35%) after sustaining its gains over the past two sessions. The index failed to make any further headway toward 13,550.0 and retreated breaching many important psychological levels. Meanwhile, the index has its immediate psychological support at 13,300.0; if level gets penetrated, that may trigger selling pressure. Conversely, a close above 13,350.0 may keep its upward hopes intact. Gulf International Services: Short-Term – Pullback GISS has been experiencing a steady decline since moving below the 21-day moving average. Moreover, the stock penetrated below the key support of QR115.0 with increased volumes, after managing to defend this level several times before providing a bearish signal. We believe with both the indicators pointing down, the stock may experience further weakness and move lower to test QR111.90. Conversely, a close above QR115.0 may attract buying interest. Al Rayan Islamic Index: Short-Term – Pullback The QERI Index extended its losses for the second consecutive session and fell around 59 points (-1.30%). The index remained in bearish mode and slipped below its important supports of 4,529.0 and 4,500.0, caving under selling pressure. With both the momentum indicators looking weak, it seems the index may further drift lower toward 4,450.0. On the flip side, the index may rebound if it manages to reclaim the 4,500.0 level on a closing basis. Mazaya Qatar Real Estate Dev.: Short-Term – Pullback MRDS continued its declining trend and further drifted below its support of QR22.45 yesterday. Moreover, the stock developed a bearish Marubozu candlestick formation on the daily charts, suggesting the stock may continue its pullback. With the RSI moving down, and the MACD growing in a bearish manner, it seems the stock may move lower toward QR22.09. However, MRDS may get some relief if it manages to climb above the QR22.45 level. Qatar Electricity & Water Co.: Short-Term – Pullback QEWS witnesses sustained selling pressure and penetrated below its supports of QR186.0 and QR184.0, along with the 55-day moving average in a single swoop. Notably, volumes were also large on the decline, indicating a negative sign. We believe although the stock is trading close to its immediate support of QR182.0, it may not cling onto it and decline further to test QR180.0. Meanwhile, both the momentum indicators are providing bearish signals. Nakilat: Short-Term – Pullback QGTS is tagging lower lows on the charts since topping the current rally at QR25.30. Further, the stock breached its supports of QR23.90 and QR23.40 in a single trading session on the back of increased participation, indicating weakness. We believe this strong breach of supports has bearish implications and provides a downside target of QR23.0. However, a close above QR23.40 may halt its pullback. Meanwhile, both the momentum indicators are in downtrend mode.
  • 2. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Head of Research Senior Research Analyst Senior Research Analyst Manager - HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@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) 13,329.02 DOWN DOWN 13,300.00 13,195.88 13,350.54 13,400.00 Al Rayan Islamic Index (QERI Index) 4,481.68 DOWN DOWN 4,468.06 4,444.86 4,500.00 4,528.58 Banks and Financial Services Banks and Masraf Al Rayan (MARK QD) 52.90 DOWN DOWN 52.80 51.80 54.00 55.00 Commercial Bank of Qatar (CBQK QD) 71.00 DOWN FLAT 70.70 69.90 71.50 72.40 Doha Bank (DHBK QD) 57.40 DOWN DOWN 57.00 56.20 58.00 59.20 Qatar Islamic Bank (QIBK QD) 112.80 DOWN FLAT 111.00 110.00 113.00 115.00 Qatar International Islamic Bank (QIIK QD) 85.00 DOWN DOWN 84.90 83.00 85.90 87.80 Qatar Insurance (QATI QD) 99.00 FLAT UP 98.00 97.00 100.00 100.90 Consumer Goods and Services Consumer Goods Medicare Group (MCGS QD) 124.00 DOWN DOWN 121.50 118.20 126.50 128.80 Industrials Industrials Industries Qatar (IQCD QD) 182.90 DOWN DOWN 181.00 180.00 183.00 184.50 Qatar Electricity & Water Co. (QEWS QD)* 182.10 DOWN DOWN 182.00 180.00 184.00 186.00 Gulf International Services (GISS QD)* 114.00 DOWN DOWN 111.90 109.00 115.00 118.10 Qatari Investors Group (QIGD QD) 55.00 DOWN DOWN 54.30 52.20 55.20 56.10 Real Estate Real Estate Barwa Real Estate Co. (BRES QD) 40.10 DOWN DOWN 39.70 39.20 40.20 41.00 United Development Co. (UDCD QD) 27.65 DOWN DOWN 27.35 27.00 27.85 28.20 Ezdan Holding Group (ERES QD) 19.45 DOWN DOWN 19.36 19.00 19.71 20.04 Mazaya Qatar Real Estate Development (MRDS QD)* 22.30 DOWN DOWN 22.09 21.35 22.45 22.90 Telecom Telecom Ooredoo (ORDS QD) 126.10 DOWN DOWN 126.00 124.50 128.00 129.70 Vodafone Qatar (VFQS QD) 20.46 DOWN DOWN 20.40 20.00 20.79 21.00 Transportation Transportation Nakilat (QGTS QD)* 23.28 DOWN DOWN 23.00 22.45 23.40 23.90 Milaha (QNNS QD) 92.20 DOWN DOWN 91.30 90.10 93.00 94.50