The TASI index fell 1.34% and trading volumes dropped, potentially indicating further weakness. Support is seen at 5,900 and resistance at 6,000. Saudi Paper fell sharply, creating a bearish pattern and signaling possible further weakness with support at 12.75 SAR. Daily technical analysis was provided for the TASI index and Saudi Paper stock.

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Daily Technical Trader – KSA
Thursday, 25 February 2016
Stock Covered Today
Ticker Price (SAR) 1
st
Target
Saudi Paper 13.47 12.75
TASI All Share Index
Level % Ch. Vol. (mn)
Last 5,942.28 -1.34 280.2
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 6,000 6,100 6,170
Support 5,900 5,750 5,350
TASI All Share Index Commentary
Overview:
The TASI Index created a bearish
engulfing candlestick on the daily chart.
It is a bearish signal but luckily, volumes
dropped yet another day as we were
looking for more volumes to confirm the
negativity of that downtick. As a result, a
break below the 5,900 might confirm the
bearishness of that candle. On the other
hand, if the market turns and breaks
above the 6,000, then we might see the
6,100 level and possibly beyond.
Expected Resistance Level: 6,000
Expected Support Level: 5,900
TASI (Daily)
Source: Bloomberg, QNBFS Research
TASI Summary
Market Indicators 24 Feb 23 Feb %Ch.
Value (SAR bn) 6.2 6.3 -2.5
Mkt. Cap. (SAR bn) 1,365.8 1,383.0 -1.2
Volume (mn) 314.4 347.2 -9.5
Transactions 152,146 155,728 -2.3
Companies Traded 167 167 0.0
Market Breadth 21:144 127:35 –
Saudi Equity Indices
Market Indices Close 1D% RSI
Banking 13,902.43 -1.34 51.84
Petrochem 3,725.58 -0.90 52.55
Cement 4,191.33 -2.15 52.99
Retail 9,739.63 -0.78 47.58
Energy and Utilities 5,344.11 -1.14 63.91
Agriculture and Food 7,225.01 0.88 47.93
Telecom 1,445.30 -1.37 53.97
Insurance 1,018.34 -0.82 48.03
Multi-Investment 2,569.12 -2.45 49.83
Industrial Invest. 5,638.81 -2.34 54.12
Building and Const. 1,819.82 -1.94 50.77
RE Development 5,094.58 -2.47 47.57
Transportation 6,286.70 -1.70 52.14
Media & Publishing 2,851.92 0.14 53.24
Hotel and Tourism 9,560.20 -4.42 36.03
RSI 14 (Over Bought) From Page 3 Table
Name Close 1D% RSI
RSI 14 (Over Sold) From Page 3 Table
Name Close 1D% RSI
TASI (30min)
Source: Bloomberg, QNBFS Research

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Saudi Paper
Price (SAR) % Ch. Volume
Last 13.47 -7.99 7,600,931
Resistance/Support
Levels (SAR) 1
st
2
nd
3
rd
Resistance 14.00 15.00 15.20
Support 13.30 12.75 12.20
Commentary
Overview:
The name experienced a sharp correction
in the last session, creating a bearish
engulfing pattern. That pattern was
accompanied by high traded volumes on
the spike and slightly lower volumes on
the correction. The previous exhibits
weakness that overshadowed the
bullishness seen since the middle of the
current month. In conclusion, we expect
further possible weakness.
Expected Price Retreat: SAR12.75 –
SAR12.20
A price breach below SAR13.30 triggers
the sell recommendation.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intraday Fibonacci Sup/Res Levels for the Most Active in Traded Value 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
ADVANCED PETROCH 35.74 35.11 35.42 35.61 35.91 36.22 36.41 36.71 36.46 41.76 47.03
AL ALAMIYA COOPE 28.95 27.78 28.32 28.65 29.18 29.72 30.05 30.58 41.74 50.80 54.93
AL RAJHI BANK 53.89 53.46 53.65 53.77 53.96 54.15 54.27 54.46 50.72 51.16 56.34
AL TAYYAR TRAVEL 36.17 34.66 35.42 35.89 36.66 37.42 37.89 38.66 52.11 60.62 77.63
ALANDALUS PROPER 20.52 20.01 20.27 20.44 20.71 20.97 21.14 21.41 N/A N/A N/A
ALINMA BANK 12.97 12.72 12.84 12.91 13.02 13.14 13.21 13.32 13.49 14.26 17.88
ALINMA TOKIO MAR 18.29 17.43 17.87 18.14 18.58 19.02 19.29 19.73 19.61 19.82 22.47
ASH-SHARQIYAH DE 39.43 37.88 38.68 39.17 39.98 40.78 41.27 42.08 42.63 51.02 62.35
ASH-SHARQIYAH DE 39.43 37.88 38.68 39.17 39.98 40.78 41.27 42.08 42.63 51.02 62.35
BANK AL-JAZIRA 12.73 12.54 12.64 12.70 12.79 12.89 12.95 13.04 13.65 15.86 21.09
BUPA ARABIA 106.44 104.81 105.58 106.05 106.81 107.58 108.05 108.81 108.39 111.27 116.53
CO FOR COOPERATI 69.79 67.93 68.89 69.48 70.43 71.39 71.98 72.93 70.89 76.14 84.37
DAR AL ARKAN REA 4.50 4.43 4.47 4.50 4.53 4.57 4.60 4.63 5.34 5.89 7.10
EMAAR ECONOMIC C 12.22 11.81 12.00 12.12 12.31 12.50 12.62 12.81 12.45 11.34 12.53
ETIHAD ETISALAT 22.86 22.59 22.72 22.80 22.94 23.07 23.15 23.29 24.42 26.93 29.04
JABAL OMAR DEVEL 47.55 47.32 47.43 47.50 47.62 47.73 47.80 47.92 48.91 53.93 62.33
KNOWLEDGE ECON 11.27 10.92 11.11 11.23 11.42 11.61 11.73 11.92 12.40 14.09 19.07
MALATH INSURANCE 12.64 11.98 12.30 12.51 12.83 13.15 13.36 13.68 16.31 19.09 24.10
MEDITERRANEAN & 16.37 15.86 16.12 16.29 16.56 16.82 16.99 17.26 20.38 23.45 31.30
MOBILE TELECOMMU 5.84 5.75 5.78 5.81 5.85 5.88 5.91 5.95 6.82 7.98 9.39
NATIONAL COMM 38.76 38.25 38.44 38.56 38.75 38.94 39.06 39.25 43.32 48.07 54.96
NATIONAL COMM 38.76 38.25 38.44 38.56 38.75 38.94 39.06 39.25 43.32 48.07 54.96
NATIONAL SHIPPIN 37.41 35.80 36.34 36.67 37.20 37.74 38.07 38.60 40.35 42.39 43.98
RABIGH REFINING 8.88 8.69 8.79 8.85 8.94 9.04 9.10 9.19 10.03 12.47 16.66
SABB TAKAFUL 23.03 22.24 22.64 22.89 23.29 23.69 23.94 24.34 25.50 31.89 37.13
SABIC 70.99 69.66 70.14 70.44 70.91 71.39 71.69 72.16 70.97 78.30 85.74
SAPTCO 10.83 10.54 10.70 10.79 10.94 11.10 11.19 11.34 12.77 16.25 20.44
SASCO 15.44 14.85 15.15 15.34 15.65 15.95 16.14 16.45 17.07 20.36 23.80
SAUDI ARABIAN MI 31.70 31.17 31.47 31.66 31.97 32.27 32.46 32.77 31.11 31.63 35.15
SAUDI CERAMIC CO 36.62 36.21 36.44 36.58 36.81 37.04 37.18 37.41 39.98 47.58 61.00
SAUDI GROUND SER 41.89 41.43 41.58 41.68 41.83 41.98 42.08 42.23 41.16 48.38 N/A
SAUDI KAYAN PETR 4.79 4.70 4.73 4.76 4.80 4.83 4.86 4.90 5.65 7.07 8.69
SAUDI PAPER MANU 13.47 12.56 13.05 13.36 13.86 14.35 14.66 15.16 14.64 16.42 19.30
SAUDI PRINTING & 20.63 19.21 19.94 20.38 21.11 21.84 22.28 23.01 21.54 21.06 19.33
SAUDI RESEARCH A 41.81 38.80 40.29 41.21 42.70 44.19 45.11 46.60 46.91 37.63 26.88
SAUDI TELECOM CO 65.77 64.92 65.31 65.54 65.92 66.31 66.54 66.92 63.88 64.52 65.31
SAUDI TRANSPORT 52.97 50.49 51.83 52.65 53.99 55.33 56.15 57.49 57.48 59.25 62.33
SHAMS 34.96 33.25 34.13 34.67 35.55 36.43 36.97 37.85 36.78 36.02 39.75
THIMAR 33.54 32.45 32.94 33.25 33.75 34.24 34.55 35.05 34.23 36.98 51.18
TIHAMA 37.70 34.50 36.10 37.10 38.70 40.30 41.30 42.90 28.70 30.42 53.87
Sources: 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 Intraday 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:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar Shahan Keushgerian
Senior Research Analyst Head of Research Senior Research Analyst
Tel: (+974) 4476 6535 Tel: (+974) 4476 6534 Tel: (+974) 4476 6509
zaid.alnafoosi@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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