Overview: The Index concluded last week with a big rally and was supported by higher volumes. The Index broke above two resistance levels in one session. We expect this relief rally to continue in the short term, backed by the positive moves seen in the oil and international markets last Friday. That been said, we stress the fact that this is a relief rally and the major trend remains down.

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Daily Technical Trader – Qatar
Sunday, 31 January 2016
Stocks Covered Today
Ticker Price 1
st
Target
GISS 42.80 44.60
MARK 33.75 35.00
QSE Index
Level % Ch. Vol. (mn)
Last 9,272.01 3.26 5.5
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 9,400 9,600 9,800
Support 9,150 9,000 8,500
QSE Index Commentary
Overview:
The Index concluded last week with a big
rally and was supported by higher
volumes. The Index broke above two
resistance levels in one session. We
expect this relief rally to continue in the
short term, backed by the positive moves
seen in the oil and international markets
last Friday. That been said, we stress the
fact that this is a relief rally and the major
trend remains down.
Expected Resistance Level: 9,400
Expected Support Level: 9,150
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 28 Jan 27 Jan %Ch.
Value Traded (QR mn) 396.8 213.1 86.2
Ex. Mkt. Cap. (QR bn) 495.3 478.6 3.5
Volume (mn) 12.1 7.1 71.3
Number of Trans. 5,260 4,091 28.6
Companies Traded 41 39 5.1
Market Breadth 28:10 34:2 –
QE Indices
Market Indices Close 1D% RSI
Total Return 2,458.99 3.0 46.5
All Share Index 2,520.39 3.1 48.5
Banks 2,775.04 2.7 46.5
Industrials 2,138.48 0.1 40.8
Transportation 1,942.99 3.4 42.2
Real Estate 4,032.31 8.0 57.3
Insurance 972.96 2.2 56.2
Telecoms 4,952.25 1.3 38.5
Consumer 3,263.23 2.1 42.6
Al Rayan Islamic 3,196.71 2.6 38.7
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
DBIS 13.00 2.8 22.2
MCGS 79.90 3.2 27.7
QCFS 28.30 0.0 28.1
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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GISS
Price % Ch. Volume
Last 42.80 -0.70 1,618,810
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 43.90 44.60 45.80
Support 40.00 37.60 36.00
Commentary
Overview:
GISS could use some of the expected
rally in the general market and bounce
above the lower side of the down-trending
channel. The RSI showed positive
divergence against the price and the
momentum is correcting up, slightly.
Expected Target Price: QR44.60 –
QR45.80
A price breakaway above QR43.90
triggers the buy recommendation.
Suggested Stop-Loss Price: QR40.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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MARK
Price % Ch. Volume
Last 33.75 1.81 711,579
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 33.95 35.00 35.50
Support 32.00 31.00 28.60
Commentary
Overview:
MARK created a positive failure swing
with its price movement on the daily frame
and the hourly frame. Momentum is
picking up but the trend still down. The
expected move can be used for a short-
term trade because the main trend
remains down.
Expected Target Price: QR35.00 –
QR35.50
A price breakaway above QR33.95
triggers the buy recommendation.
Suggested Stop-Loss Price: QR31.00
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intraday Fibonacci Support and Resistance Levels 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
QSE Index 9,272.01 8,864.73 8,981.42 9,053.50 9,170.19 9,286.88 9,358.96 9,475.65 9,889.06 10,683.30 11,308.95
Total Return 14,412.01 13,778.94 13,960.32 14,072.37 14,253.74 14,435.12 14,547.17 14,728.54 15,371.12 16,605.65 17,577.05
All Share 2,458.99 2,362.16 2,389.90 2,407.04 2,434.78 2,462.52 2,479.66 2,507.40 2,635.79 2,844.46 3,016.75
Al Rayan Islamic 3,263.23 3,183.18 3,206.11 3,220.28 3,243.22 3,266.15 3,280.32 3,303.26 3,637.54 3,992.74 4,295.45
Banks & Financials Services
MARK 33.75 32.62 32.98 33.20 33.57 33.93 34.15 34.52 35.56 39.16 42.43
CBQK 39.70 37.43 38.08 38.48 39.13 39.78 40.18 40.83 44.09 49.31 52.56
DHBK 36.50 35.83 36.18 36.39 36.73 37.08 37.29 37.63 42.42 46.04 49.68
QIBK 85.00 82.73 83.38 83.78 84.43 85.08 85.48 86.13 103.20 110.12 108.45
QIIK 64.50 63.10 63.71 64.09 64.70 65.31 65.69 66.30 63.78 69.26 74.07
Insurance
QATI 83.90 74.70 77.34 78.96 81.60 84.24 85.86 88.50 81.45 87.58 90.81
Consumer Goods & Services
MCGS 79.90 78.03 78.76 79.21 79.93 80.66 81.11 81.83 113.05 138.14 157.06
Industrials
IQCD 102.00 94.00 96.29 97.71 100.00 102.29 103.71 106.00 102.70 112.68 125.30
QEWS 184.00 178.67 180.19 181.14 182.67 184.19 185.14 186.67 202.96 207.47 211.48
GISS 42.80 41.93 42.39 42.67 43.13 43.59 43.87 44.33 48.30 55.64 66.02
QIGD 28.45 26.65 27.36 27.79 28.50 29.21 29.64 30.35 34.70 40.14 45.33
Real Estate
BRES 32.10 31.13 31.46 31.66 31.98 32.31 32.51 32.83 37.78 40.78 45.15
UDCD 18.40 17.67 17.91 18.07 18.32 18.56 18.72 18.97 19.95 21.87 22.87
ERES 13.30 12.39 12.65 12.81 13.07 13.33 13.49 13.75 15.14 16.99 17.43
MRDS 11.34 11.18 11.26 11.30 11.38 11.46 11.50 11.58 13.67 14.92 16.61
Telecommunication
ORDS 78.50 75.57 76.41 76.93 77.77 78.61 79.13 79.97 72.34 73.80 80.52
VFQS 10.45 10.15 10.25 10.30 10.40 10.50 10.55 10.65 11.57 12.75 14.49
Transportation
QGTS 20.70 19.26 19.67 19.93 20.34 20.75 21.01 21.42 22.54 23.07 22.67
QNNS 85.50 84.50 85.07 85.43 86.00 86.57 86.93 87.50 93.21 95.57 96.76
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 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:
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 6535
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
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
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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
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