WTK may be commencing on its uptrend

WTK, a timber stock, may have broken above its flag formation at RM1.26 on good volume this morning. See Chart 1 below.


Chart 1: WTK's daily chart as at Mar 29, 2010_9.10am (Source: Quickcharts)

We can see from Chart 2 below that WTK broke above its downtrend line in early 2009 but that breakout was followed by sideway trading between RM1.00 & RM1.26 for the past 9 months. The current breakout could signal the uptrend for this stock.


Chart 2: WTK's weekly chart as at Mar 29, 2010_9.15am (Source: Quickcharts)

Based on this bullish technical breakout, WTK could be a good trading BUY or for long-term investment.