Technical analysis of the QSE index
The Qatar Index ended another week with stability as it inched up by 0.32% 10,389.96. This shallow movement took place on weaker volumes, which explains why the movement was subdued. We reiterate the notion that the index requires a stronger move above the 10,650 to put it back in a potential upswing. Our main support remains at 10,000 and the expected resistance level to be 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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