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Possible Bullish Inside Day Candle Pattern Detected for Mitek Systems (NASDAQ:MITK)

Published on Fri, 02/22/2013 - 08:28
By Adrienne Chilton

Analysts have spotted a possible bullish inside day candle pattern in Mitek Systems (NASDAQ:MITK) based on the price action in the company's shares. Yesterday's price range of $4.21 and $4.60 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Mitek Systems may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mitek Systems (NASDAQ:MITK) is currently priced 15.7% above its average consensus analyst price target of $3.75. The stock should find initial support at its 50-day moving average (MA) of $3.69 and further support at its 200-day MA of $3.50.

Mitek Systems is the leader in mobile-imaging solutions, achieved through 25 years of R & D, patented technology and extensive experience in extractive imaging. The company invented and patented leading software solutions that allow consumers to use the cameras on their smartphones and tablets to deposit checks, pay bills, get quotes and transfer balances ... all by just snapping photos of documents. Offering outstanding customer experience and convenience while driving operational efficiencies, Mitek Systems' solutions enable organizations across industries to differentiate themselves from their competitors, attract and retain customers and ultimately increase their revenue and profitability. Current products include Mobile Deposit(R), Mobile Photo Bill Pay(TM), Mobile Balance Transfer(TM), Mobile ACH Enrollments(TM), Mobile Receipt(TM) and the Mobile Imaging Cloud(TM) platform.

In the past 52 weeks, Mitek Systems share prices have been bracketed by a low of $1.90 and a high of $13.11 and closed yesterday at $4.45, 134% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

By Adrienne Chilton
achilton@fnno.com

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