Technical analysis of the QSE index
The QSE index was volatile as it dropped almost 2.8% through the week but managed to end the week gaining a marginal 0.38% and closed at 10,425.97. The candlestick that has been created is indicating a warning signal and it is called the Hanging Man candlestick. If the index drops below the 10,150, this could spark a weakness into the market; the breach could confirm the bearishness of that candle. The resistance level is at 10,500 but we update the support to the 9,000 level.
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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