Technical analysis of the QSE index
The index lost 106.2 points over the week and closed at 10,361.03 (1.01% in the red). The index remained weak but we change our current support level to 10,300; the SMAs are sitting on that level, which may create a support. Resistance level, however, is kept 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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