This document provides a daily technical analysis report on the Qatar Stock Exchange (QSE) Index. It includes: 1) An overview noting that the QSE Index reached a six-year low the previous day, but the daily MACD indicator is positively diverging, suggesting the drop in momentum is slowing. 2) Expected resistance and support levels for the index over the next period. 3) A summary of market indicators and performance of industry sub-indices. 4) Fibonacci support and resistance levels for stocks. 5) Definitions of technical analysis indicators mentioned in the report.

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Daily Technical Trader – Qatar
Thursday, 16 November 2017
No Stocks Covered
QSE Index
Level % Ch. Vol. (mn)
Last 7,761.25 -1.43 5.0
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 7,800 8,000 8,200
Support 7,650 7,450 7,200
QSE Index Commentary
Overview:
We realize the Index reached a six-year
low with yesterday’s close, but there is
some light at the end of the tunnel. The
daily MACD has been positively diverging
against the Index; it means that the drop
has been losing momentum.
Expected Resistance Level: 7,800
Expected Support Level: 7,650
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QSE Summary
Market Indicators 15 Nov 14 Nov %Ch.
Value Traded (QR mn) 189.9 203.1 -6.5
Ex. Mkt. Cap. (QR bn) 418.7 424.5 -1.4
Volume (mn) 6.9 5.7 21.8
Number of Trans. 2,653 3,107 -14.6
Companies Traded 42 41 2.4
Market Breadth 8:32 21:16 –
QSE Indices
Market Indices Close 1D% RSI
Total Return 13,015.16 -1.4 22.2
All Share Index 2,133.56 -1.5 18.1
Banks 2,493.47 -1.1 29.9
Industrials 2,377.02 -1.6 25.2
Transportation 1,478.01 -2.4 16.3
Real Estate 1,337.37 -4.2 18.9
Insurance 2,804.64 0.6 34.2
Telecoms 971.68 -0.7 33.6
Consumer Goods 4,277.56 -0.5 16.9
Al Rayan Islamic 2,946.82 -1.4 16.7
Source: Bloomberg
RSI 14 (Overbought)
Ticker Close 1D% RSI
RSI 14 (Oversold)
Ticker Close 1D% RSI
QNNS 43.50 -5.4 10.2
MRDS 6.72 0.3 12.2
MCGS 48.02 -5.2 16.2
VFQS 6.15 0.3 17.1
NLCS 8.01 -2.0 19.0
Source: Bloomberg
QSE Index (30min)
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 7,761.25 7,675.00 7,724.42 7,754.95 7,804.38 7,853.80 7,884.33 7,933.76 8,224.94 8,701.74 9,489.80
Total Return 13,015.16 12,870.51 12,953.40 13,004.60 13,087.48 13,170.37 13,221.57 13,304.45 13,792.74 14,592.31 15,809.76
All Share 2,133.56 2,107.03 2,122.23 2,131.62 2,146.83 2,162.03 2,171.42 2,186.63 2,316.31 2,463.42 2,673.57
Al Rayan Islamic 2,946.82 2,909.47 2,930.87 2,944.09 2,965.50 2,986.90 3,000.12 3,021.53 3,265.40 3,458.94 3,747.82
Banks & Financials Services
MARK 34.40 33.87 34.17 34.36 34.67 34.97 35.16 35.47 36.15 38.31 40.12
CBQK 26.25 25.97 26.13 26.23 26.39 26.55 26.65 26.81 28.02 29.15 29.96
DHBK 27.00 26.65 26.85 26.97 27.17 27.37 27.49 27.69 28.52 29.58 31.09
QIBK 94.00 92.83 93.35 93.68 94.21 94.73 95.06 95.59 93.20 93.73 97.82
QIIK 45.50 43.70 44.46 44.94 45.70 46.46 46.94 47.70 49.77 52.90 58.64
Insurance
QATI 41.26 39.62 40.23 40.61 41.22 41.83 42.21 42.82 50.24 59.56 65.44
Consumer Goods & Services
MCGS 48.02 46.02 47.16 47.87 49.01 50.15 50.86 52.00 66.99 73.43 81.14
Industrials
IQCD 94.02 92.70 93.46 93.92 94.68 95.44 95.90 96.66 93.04 94.20 101.74
QEWS 173.00 170.60 171.98 172.82 174.20 175.58 176.42 177.80 178.88 186.20 201.09
GISS 14.82 14.54 14.70 14.80 14.96 15.12 15.22 15.38 17.83 19.34 22.87
QIGD 24.10 23.71 23.93 24.07 24.30 24.52 24.66 24.89 33.16 40.17 49.12
Real Estate
BRES 27.65 27.12 27.42 27.61 27.92 28.22 28.41 28.72 30.54 31.81 33.56
UDCD 12.65 12.56 12.61 12.64 12.69 12.74 12.77 12.82 13.95 15.32 17.67
ERES 7.29 6.88 7.12 7.26 7.49 7.73 7.87 8.10 9.71 11.04 13.00
MRDS 6.72 6.46 6.57 6.63 6.74 6.85 6.91 7.02 8.81 9.73 11.32
Telecommunication
ORDS 82.31 80.85 81.69 82.20 83.04 83.88 84.39 85.23 84.48 88.46 96.11
VFQS 6.15 6.01 6.06 6.08 6.13 6.18 6.20 6.25 7.57 8.11 8.61
Transportation
QGTS 13.90 13.77 13.84 13.89 13.97 14.04 14.09 14.17 15.30 16.49 18.77
QNNS 43.50 41.83 42.79 43.38 44.33 45.29 45.88 46.83 54.07 61.02 69.26
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:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar, CFA, CAIA 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
Mohamed Abo Daff Ahmed El-Khudary Feras Al-Sarraj
Senior Research Analyst Head of Trading Head of Sales
Tel: (+974) 4476 6589 Tel: (+974) 4476 6533 Tel: (+974) 4476 6514
mohd.abodaff@qnbfs.com.qa ahmed.elkhudary@qnbfs.com.qa feras.alsarraj@qnbfs.com.qa
QNB Financial Services
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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