The QSE index closed down by 1.28% at 9,813.96 versus the week before on slightly higher volumes, which might indicate a concern. The bearishness of the Index remains in effect and traders should be on alert, especially if the Index breaches the 9,700 level. The expected resistance remains at 10,500 points
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.