The QSE Index closed up yet another week by 3.33% at and closed at 11,320.39 versus the week before. The uptick on the weekly chart continued in line with the uptrend mentioned in previous reports. Intermediate corrections could take place but the overall momentum remains positive. Our previously expected resistance level has been breached upwards, which puts
a new resistance level at the 12,000 level. In addition, we update the expected support level to the 10,500 level on weekly chart.

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.