Technical analysis of the QSE index
The index closed up 6.49%, devouring last week’s losses and putting it back on a healthier path. That been said, intraweek trading should boost above the 9,000 mark to confirm the flag bullish continuation formation. Last week’s activity is expected to have positive effects on the coming week, all things held equal. Our weekly support level at the 8,000 level and the resistance remains at the 9,000 mark.
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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