Technical analysis of the QSE index

Technical analysis of the QSE indexThe QSE Index closed at the 11,410.76 level and lost 0.98% from the week before. The Index maintained its level above the 11,300 level which is an essential support level to be sustained. The traded volumes were low and this could be a positive sign for a rebound. It should be noted that the RSI and the MACD are pointing downwards. In conclusion, the strong support level stays at the 11,300; while the resistance level remains around the 12,000 level.Definitions of key terms used in technical analysisCandlestick 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.