Technical analysis of the QSE index
Even though the traded volumes were shallow, the current movement on the index is slightly positive. The index ended yet another week up by 0.47% to 10,438.45 from last week’s close. We support the idea that the index needs a strong move above the 10,650 to be on the healthy side of the chart. Main support remains at 10,000 and the expected resistance level 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.
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