Clear breakout from intermediate downtrend

WAH LEE INDUSTRIAL CORP (3010. TT) is looking at a potential resumption of the uptrend after price action indicates a strong bullish break above the downtrend line and it has successfully cleared above the resistance at 103.50. We believe further upside is likely to continue as long-term MACD’s histogram remained positive and its signal/MACD line has risen steadily. Volume is also in a healthy position. Ichimoku shows a clear bullish signal and all indicators are sloping up. Short-term target is at 130.00 while long-term target is at 170.00. Support to accumulate on pullback is at 93.30.