Technical analysis of the QSE index

Technical analysis of the QSE indexThe QSE Index barely moved this shortened week before the Eid holidays and closed up 0.8% at 9,964.26. Weak volume continues and the Index has resistance at the 100-day moving average at 10,015. We see a second resistance at the 10,500 levels and a short-term support level at 9,500.Definitions of key terms used in technical analysisCandlestick 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.