Uchitec may have a bullish breakout

Uchitec broke above its medium-term downtrend line at RM1.25 in April. Since then, the share has been consolidating in an ascending triangle. Earlier this morning, Uchitec broke to the upside of the triangle at RM1.50.


Chart: Uchitec's weekly chart as at Nov 16, 2009_10.00am (Source: Quickcharts)

Based on technical consideration, Uchitec could be a trading BUY.