The QSE Index closed at 10,429.36 points and gained 1.66% versus the week before. Traded volumes dropped in the last trading week in 2015 and the index concluded another positive week, reaching closer to the short-term resistance at 10,500. A solid penetration above that level might propel the index to its weekly resistance level at 11,300 points. Although the index bounced off the lower side of a downtrend channel for the third time last year, it is yet break above its moving averages. As a result, our medium-term support and resistance levels continue to be around at the 9,600 and 11,300 points, respectively.
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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