Technical analysis of the QSE index
The Index closed down by 1.7% from the week before and now 8,951.82. The Index closed slightly below the 9,000 level which was expected to be a strong support. That being said, the Index may gyrate around the 9,000 mark, which is also expected. We confirm the importance of having a reversal signal around here to create a possible rally. Otherwise, the Index may head to the 8,600 level then 8,300. Our expected resistance remains around the 10,000 mark.

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.