(MENAFN - Gulf Times) Technical analysis of the QSE index
Throughout last week, the index lost 7% from the week before, but it managed to reduce much of its losses and closed down 3.41% from the week, settling at 8,893.27 on Thursday. The strength we have seen mid-to-end of last week may continue through the coming weeks. The traded volumes of the index's constituents were lower; drops on lower volumes are corrective in nature. The current support level remains at 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 and future confirmation, may indicate a bullish or bearish trend reversal.

MENAFN1102201800670000ID1096452691