Technical analysis of the QSE index
The QSE index continued its uptick for the second consecutive week and finished on a higher note. It gained 2.5% and closed at 10,386.44 points versus the week before. However, volumes remained on the lower side. The RSI and the MACD lines are picking up pace, and has shown a positive divergence. Expected support level remains at 8,100 points on the downside, and the resistance level at 10,500 points respectively. Only a move above or below these levels may
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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