Tried it myself. It worked. Another person on this forum tried it. It also worked.
Before rooting make sure you have Android drivers on your pc (your PC detects the phone when plugged in via USB cable)
1. USB Debugging mode on (settings in phone)
2. Fast boot off (settings in phone)
3. Turn off the phone.
4. Download RecoveryClockmodByZaDkYn.rar (4.56 MB) from Multiupload.com - upload your files to multiple file hosting sites!
5. Extract RecoveryClockmodByZaDkYn.rar into your pc.
6. Run Instalador.bat and press any key so that green text appear: "<waiting for device>"
7. Phone, which is turned off, plug in into the pc via USB.
8. Hold volume down button and press power button. HOLD them both while (2 possibilities) - (1) in pc in Instalador window appears green text which indicates that RecoveryClockmod installation has begun; (2) or a windows appears in pc windows, asking for Android drivers (it happened to me using win Xp). I used drivers from these driver archives - Pulse_Drivers_xp_w7_w764.zip
9. After installation has finished the phone rebooted into RecoveryClockmod.
10. Choose Restart. After the phone has rebooted, download "su.zip" to its SD card (download from here : Multiupload.com - upload your files to multiple file hosting sites!
11. Turn off your phone and plug off from PC.
12. HOLD volume up button and press power ON button, till a known RecoveryClockmod screen appears.
13. Choose "Install zip from sdcard".
14. Choose "Choose zip from sdcard"
15. Choose "su.zip"
16. Choose Yes.
17. After couple of operations a message will appear, saying that everything is "succesful". Press power off button so that u can go "back" in the meniu. Choose "Restart"
18. Your phone Huawei U8650 is now rooted.