Technical analysis of the QSE index

Technical analysis of the QSE indexThe QSE index continued its corrective path and lost another 2.78%; it closed at 10,534.10 versus the week before. As expected last week, the bearishness on the Index continued but may face some support around our expected support of 10,500. Our expected resistance level is remains at the 11,500 level.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.