The QSE index moved up by 2.63% on low volumes vs. the week before; volumes picked up but the index remains under the medium term. Over the shorter term, the index is in a range and only a breach above or below the expected support and resistance might dictate where it will be heading. These levels continue to be at 11,000 points support level and 12,000 points resistance level.
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.
