The QSE index corrected slightly and closed at 9,485.90 and lost 2.04% versus the week before. Volumes were weak and the weekly candlestick created a bearish Harami formation. It is weak in its signal; nevertheless, it is important to notice. Our expected support level remains at 8,100 points, and the resistance level at 10,500 points.

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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