Technical analysis of the QSE index
The index jumped by 5.85% compared to the week before; it crossed our immediate weekly resistance level of 9,000 and closed at 9,135.86 for the week. The longer-term trend remains down but the current recovery may create a stronger support levels. As a result, we update our current support to 8,000 points and the resistance at 10,000.
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 an
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