The document provides a daily market report and analysis for the Qatar stock market. It summarizes that the QSE Index closed lower but above an important support level of 13,700. It is expected to potentially retreat further to 13,800 supported by weaker momentum. Two stocks, MARK and VFQS, are analyzed and expected to reach price targets of QR52.50 and QR19.75 respectively if they break above resistance levels. The report also includes market indicators, index performance, and technical analysis charts.

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Daily Technical Trader – Qatar
Sunday, 23 November 2014
Stocks Covered Today Ticker Price Direction Tgt.
MARK
50.80
Flat
52.50
VFQS
18.92
Down
19.75
QSE Index Price % Ch. Vol. (mn)
Last
13,846.01
-0.4
11.9
Resistance/Support (Daily) Levels 1st 2nd 3rd
Resistance
14,000
14,350
14,600
Support
13,800
13,700
13,660
QSE Index Commentary
Overview:
The Index closed lower but still above the 13,700 level. The week ended on a slower note and the intraday closed below an important uptrend line. The previous may signal a weakness during the beginning of this week. In addition, the MACD Histogram is showing lower momentum, making a compelling argument that the index may retreat further to the 13,800 level. Traders await bullish signs to bet money on any potential rise in the horizon.
Expected Target: 14,350
Target maybe reached only if the index breaks the 14,000 level again but on a sustained basis.
Suggested Stop-loss: 13,700
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary Market Indicators 20 Nov 14 19 Nov 14 %Ch.
Value Traded (QR mn)
798.8
1,112.0
-28.2
Ex. Mkt. Cap. (QR bn)
750.7
751.9
-0.2
Volume (mn)
11.9
16.5
-27.9
Number of Trans.
7,956
9,033
-11.9
Companies Traded
42
43
-2.3
Market Breadth
16:24
29:11
–
QE Indices Market Indices Close 1D% RSI
Total Return
20,651.20
-0.4
59.1
All Share Index
3,512.28
-0.3
60.4
Banks
3,504.48
0.0
63.2
Industrials
4,547.12
-0.6
54.8
Transportation
2,433.21
-1.1
68.4
Real Estate
2,795.53
-0.6
56.5
Insurance
4,108.32
-0.2
56.4
Telecoms
1,506.87
0.4
37.5
Consumer
7,773.09
0.1
74.5
Al Rayan Islamic
4,699.41
-1.0
65.4
RSI 14 (Over Bought) Ticker Close 1D% RSI
IHGS
179.70
-10.0
99.2
GWCS
63.40
-3.8
81.0
MERS
225.60
-3.3
79.3
AKHI
55.00
-3.5
78.3
WDAM
70.00
-1.4
78.1
RSI 14 (Over Sold) Ticker Close 1D% RSI
QSE Index (30Min)
Source: Bloomberg, QNBFS Research

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MARK Price % Ch. Volume
Last
50.80
-1.17
667,649
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
51.60
52.50
53.50
Support
50.40
49.70
49.00
Commentary
Overview:
This leading Islamic bank has stabilized around the QR50.00 level for the past 5 weeks. The name is above its weekly SMAs. The MACD Histogram is showing strength both on the weekly and the daily time frames. The RSI on the weekly is stabilizing while the daily RSI is showing more strength. At this point, the bet is on a rebound of the support level to the next Fibonacci level of around QR52.50.
Expected Target: QR52.50
A buying position is triggered if there is a price move above QR51.60.
Suggested Stop-loss: QR50.40
A close below the mentioned price suggests a further retreat to the QR50.00 level.
MARK (Weekly)
Source: Bloomberg, QNBFS Research MARK (Daily)
Source: Bloomberg, QNBFS Research

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VFQS Price % Ch. Volume
Last
18.92
-0.42
754,009
Resistance/Support Levels (QR) 1st 2nd 3rd
Resistance
19.08
19.75
20.20
Support
18.50
18.40
17.10
Commentary
Overview:
Although VFQS is in a bearish leg; the name stabilized and now is bouncing off an important uptrend line. The MACD Histogram is showing strength upward. The RSI failed to reach its oversold area and has bounced from there. If the MACD breaks its signal line upward, then a positive move to the upside is probable.
Expected Target: QR19.75
A sustained break above the QR19.08 for at least an hour should propel the name to the projected price target.
Suggested Stop-loss: QR18.50
The name has consolidated above the suggested stop-loss level. Any break below the mentioned price will drag the stock down.
VFQS (Weekly)
Source: Bloomberg, QNBFS Research VFQS (Daily)
Source: Bloomberg, QNBFS Research

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Intra-day Fibonacci Support and Resistance Levels Daily Moving Averages* Support Levels Resistance Levels Ticker Close 3rd 2nd 1st Pivot 1st 2nd 3rd 50 SMA 100 SMA 200 SMA
QSE Index
13,846.01
13,727.02
13,779.25
13,811.52 13,863.76
13,915.99
13,948.26
14,000.50
13,730.04
13,273.09
12,635.70
Total Return
20,651.20
20,473.73
20,551.63
20,599.76 20,677.67
20,755.57
20,803.70
20,881.61
20,478.22
19,796.22
18,704.59
All Share
3,512.28
3,482.15
3,494.85
3,502.70 3,515.39
3,528.09
3,535.94
3,548.63
3,470.45
3,357.11
3,195.69
Al Rayan Islamic
4,699.41
4,623.41
4,655.59
4,675.46 4,707.64
4,739.82
4,759.69
4,791.87
4,661.11
4,483.63
4,096.10 Banks & Financials Services
MARK
50.80
49.73
50.19
50.47 50.93
51.39
51.67
52.13
54.98
54.21
48.32
CBQK
75.50
73.03
73.99
74.58 75.53
76.49
77.08
78.03
71.37
69.05
66.85
DHBK
60.60
59.53
59.92
60.15 60.53
60.92
61.15
61.53
60.06
59.23
61.27
QIBK
109.00
107.00
108.15
108.85 110.00
111.15
111.85
113.00
115.97
107.64
94.39
QIIK
87.80
86.33
86.79
87.07 87.53
87.99
88.27
88.73
88.56
85.96
81.50 Insurance
QATI
97.50
96.97
97.12
97.21 97.37
97.52
97.61
97.77
98.45
91.44
79.90 Consumer Goods & Services
MCGS
137.00
118.80
124.76
128.44 134.40
140.36
144.04
150.00
129.47
111.71
91.13 Industrials
IQCD
195.50
192.57
193.98
194.85 196.27
197.68
198.55
199.97
189.77
183.34
183.55
QEWS
193.00
189.80
190.72
191.28 192.20
193.12
193.68
194.60
187.81
186.50
181.17
GISS
121.30
116.83
118.71
119.86 121.73
123.61
124.76
126.63
120.98
111.94
95.19
QIGD
46.80
45.67
46.13
46.41 46.87
47.33
47.61
48.07
56.91
57.11
56.10 Real Estate
BRES
52.20
49.67
50.66
51.27 52.27
53.26
53.87
54.87
41.10
40.79
37.99
UDCD
28.00
26.73
27.10
27.32 27.68
28.05
28.27
28.63
28.81
27.53
25.13
ERES
18.82
18.49
18.63
18.72 18.86
19.00
19.09
19.23
19.50
20.59
21.27
MRDS
23.02
22.73
22.87
22.96 23.09
23.23
23.32
23.45
23.99
21.43
18.54 Telecommunication
ORDS
120.80
118.27
118.99
119.44 120.17
120.89
121.34
122.07
129.14
131.94
139.07
VFQS
18.92
18.40
18.58
18.69 18.87
19.05
19.16
19.34
21.16
20.27
17.20 Transportation
QGTS
24.34
23.98
24.09
24.16 24.27
24.38
24.45
24.56
24.32
23.80
22.91
QNNS
102.00
100.33
101.29
101.88 102.83
103.79
104.38
105.33
95.55
94.35
94.18
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 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. This report may not be reproduced in whole or in part without permission from QNBFS.