Technical analysis of the QSE index

Technical analysis of the QSE indexThe Qatar Index closed at 9,257.90; up 0.22% from the week before. The stability above the 9,000 is important for market; that could be a strong support level to bounce off. The next support level is at 8,300 and our expected resistance is around the 10,000 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.