Technical analysis of the QSE index
The QSE Index increased slightly from last week, gaining 0.58% from the last week, yet creating a Hanged man candlestick. Although that candlestick indicates possible bearish turn on the Index; technical indicators show otherwise. The QSE index is flirting with the moving averages, and the MACD’s Histogram shows a possible positive momentum to be expected. The RSI is flattish, which is a neutral sign. A positive rise to the 12,200 level is possible and a sustained close above that level on the weekly frame can be very positive for the coming month. The Immediate support level is situated around 11,800 level.

Definitions of key terms used in
technical analysis
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security’s open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.

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