Technical analysis of the QSE index
The resistance level below the 10,500 proved its strength and the index closed down by 2.04% versus the week before; the index closed at 10,164.76. Traded volumes were shallower compared with the previous week, which can be a slightly positive sign. We update our support level to 9,500 points from the 9,000 level and the resistan
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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