Technical analysis of the QSE index
The index closed up 1.51% from the week before; it ended Thursday’s session at 9,027.71. The index gained some strength through the week and the MACD is now departing zero line upwards, which is a positive for the weeks to come. Our current support level remains at 8,000 points and the resistance at 10,000.
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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