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Daily Technical Trader – Qatar
Thursday, 15 January 2015
Stocks Covered Today
Ticker Price Target
QEWS 189.10 193.00
IQCD 146.10 151.60
QSE Index
Level % Ch. Vol. (mn)
Last 11,877.43 -0.5 8.1
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 12,000 12,350 12,430
Support 11,850 11,600 11,480
QSE Index Commentary
Overview:
The QSE Index experienced a wild ride
over the past few sessions. The erratic
swings represent the chaotic attitude that
traders are going through. We expected
this volatility and this sentiment could last
longer than expected. It should be noted
that technical indicators, although showing
mixed signals, reveal that bearish
momentum is still overruling the general
traders’ sentiment in the medium-term.
Expected Resistance Level: 12,350
Expected Support Level: 11,850
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 14 Jan 15 13 Jan 15 %Ch.
Value Traded (QR mn) 618.9 537.3 15.2
Ex. Mkt. Cap. (QR bn) 648.5 652.8 -0.7
Volume (mn) 9.1 10.9 -16.5
Number of Trans. 6,610 6,810 -2.9
Companies Traded 40 42 -4.8
Market Breadth 15:24 13:25 –
QE Indices
Market Indices Close 1D% RSI
Total Return 17,715.07 -0.5 42.6
All Share Index 3,049.94 -0.4 43.1
Banks 3,175.19 -0.5 48.5
Industrials 3,753.49 -0.6 37.3
Transportation 2,300.31 0.1 52.8
Real Estate 2,184.49 -0.4 41.9
Insurance 3,739.24 -0.1 47.2
Telecoms 1,373.64 -0.7 42.2
Consumer 6,924.47 0.3 49.1
Al Rayan Islamic 3,970.65 -0.2 43.5
RSI 14 (Over Bought)
Ticker Close 1D% RSI
RSI 14 (Over Sold)
Ticker Close 1D% RSI
IQCD 146.10 -1.3 28.3
QSE Index (30min)
Source: Bloomberg, QNBFS Research

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QEWS
Price % Ch. Volume
Last 189.10 0.05 16,944
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 190.00 192.00 193.00
Support 185.30 180.20 173.00
Commentary
Overview:
The name is struggling to break above the
descending trend line which stretches
from last May. The inability to break the
above mentioned line may create more
selling pressure as some traders’ patience
could run out and can ignite a selling
frenzy. The good news is that from a
short-term perspective, technical
indicators are showing possible signs of
moving upward. On the hourly frame, we
see that the name is flirting with the upper
boundary of the short-term down trend
channel. The MACD is showing signs of
strength on both the daily and the hourly
charts.
Expected Target Price: QR193.00
A break above QR190.00 should take the
price to the projected target.
Suggested Stop-Loss Price: QR189.00
A sustained trading below the suggested
price means a possible drop to QR185.00.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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IQCD
Price % Ch. Volume
Last 146.10 -1.28 945,379
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 151.70 156.80 165.10
Support 143.50 140.00 135.00
Commentary
Overview:
The name experienced a sharp drop after
the proposed cash dividends
announcement of QR7.00 per share. The
name dropped over 17% since then and
technical indicators show possible signs of
recovery. A long legged Doji created
above QR143.50 which is a strong
support made from previous consolidation
area not seen in the charts. On a different
time scale, the intraday chart shows the
name reaching the lower side of a
downtrend channel. Also, the RSI reached
an oversold area on both time frames. The
MACD on the hourly chart is still under the
zero line but gaining momentum as seen
from its Histogram.
Expected Target Price: QR151.60 –
QR156.70
Suggested Stop-Loss Price: QR143.50
A break below the mentioned price may
drag the price further down to the
QR140.00 level then QR135.00.
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

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Intra-day 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 11,877.43 11,749.59 11,814.33 11,854.32 11,919.06 11,983.80 12,023.79 12,088.53 12,719.18 13,227.95 12,993.46
Total Return 17,715.07 17,524.40 17,620.95 17,680.61 17,777.17 17,873.72 17,933.38 18,029.94 18,970.53 19,729.37 19,375.42
All Share 3,049.94 3,020.34 3,034.89 3,043.89 3,058.44 3,072.99 3,081.99 3,096.54 3,239.87 3,355.86 3,299.94
Al Rayan Islamic 3,970.65 3,934.36 3,955.16 3,968.00 3,988.79 4,009.59 4,022.43 4,043.22 4,268.03 4,462.65 4,345.65
Banks & Financials Services
MARK 44.80 42.37 43.25 43.79 44.67 45.55 46.09 46.97 46.53 50.68 50.82
CBQK 68.70 68.37 68.56 68.68 68.87 69.06 69.18 69.37 69.99 70.82 69.04
DHBK 55.80 55.33 55.56 55.70 55.93 56.16 56.30 56.53 57.11 58.57 59.72
QIBK 107.00 104.60 105.59 106.21 107.20 108.19 108.81 109.80 103.61 109.78 101.66
QIIK 79.20 77.33 78.10 78.57 79.33 80.10 80.57 81.33 82.11 85.40 84.28
Insurance
QATI 84.60 84.13 84.40 84.57 84.83 85.10 85.27 85.53 89.46 94.00 86.86
Consumer Goods & Services
MCGS 122.10 119.37 120.32 120.91 121.87 122.82 123.41 124.37 121.70 125.58 107.43
Industrials
IQCD 146.10 142.30 144.48 145.82 148.00 150.18 151.52 153.70 179.82 184.97 182.90
QEWS 189.10 188.37 188.75 188.98 189.37 189.75 189.98 190.37 187.31 187.56 186.05
GISS 99.00 97.67 98.43 98.90 99.67 100.43 100.90 101.67 103.81 112.43 104.98
QIGD 38.75 36.78 37.70 38.27 39.18 40.10 40.67 41.58 42.76 49.62 55.04
Real Estate
BRES 41.30 40.60 40.98 41.22 41.60 41.98 42.22 42.60 45.07 43.13 41.20
UDCD 23.51 23.24 23.39 23.48 23.64 23.79 23.88 24.04 24.78 26.73 26.03
ERES 14.34 14.21 14.28 14.33 14.41 14.48 14.53 14.61 16.62 18.06 21.29
MRDS 19.00 18.25 18.49 18.64 18.89 19.13 19.28 19.53 20.64 22.34 20.66
Telecommunication
ORDS 116.00 115.20 115.62 115.88 116.30 116.72 116.98 117.40 117.89 123.46 131.80
VFQS 14.55 14.38 14.48 14.54 14.63 14.73 14.79 14.88 17.02 19.09 18.54
Transportation
QGTS 23.50 22.79 23.00 23.12 23.32 23.53 23.65 23.85 23.25 23.78 23.47
QNNS 96.60 96.33 96.49 96.58 96.73 96.89 96.98 97.13 98.01 96.83 95.65
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.