Technical analysis of the QSE index
The benchmark index gained 0.98% over the week and closed at 10,925.40. Positive momentum has been picking up in the past few weeks (as seen from the MACD being above the zero line and the Index placed above its moving averages). We maintain our support level at 10,500 and the resistance 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.
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