Technical analysis of the QSE index
October 08 2016 09:37 PM
TECH
TECH

QSE

Technical analysis of the QSE index
The Index remained stable as it ended the week marginally in the red at 10,357.33 (down 0.75% from last week). The weak movement continued below lower border of the uptrend channel. The Index needs a stronger move above the 10,650 with higher volumes to be healthy and does not break below the 10,000 support level. Our main resistance level remains at the 11,500 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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