Technical analysis of the QSE index
The indecision the QSE index witnessed by the end of last week was concluded with a slightly down move last Thursday. As the index lost 1.35% of its value over the week, it created a bearish engulfing candlestick in the process. We reiterate the resistance level at 10,500 and the support at 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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