Technical analysis of the QSE index
The Index stabilised and ended the week marginally in the green at 10,435.46 (+0.22% from last week). Even though it was a weaker movement, it remains positive as the Index stabilised around the lower border of the uptrend channel (which stretches from last January till today). The index remains healthy given that it does not break below the 10,000 support level (which is our first expected support on the weekly chart). Our resistance level remains at the 11,500 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.
Related Story