BitterSweetMarkets

A Bullish looking MITK is now testing Resistance...

Long
NASDAQ:MITK   Mitek Systems, Inc.
2
Its a nice Bullish Pattern, however from mid February the uptrend is steep ! The same uptrend can be seen from the 2nd of November 2015, resulting in a 65% retracement, which began to form the weekly Trendline Support. The difference this time is we are at a stronger Resistance area. (grey shaded horizontal) A Pullback in inevitable, and my idea is that it will be around this Resistance area. A break above is a Buy signal, as is a Pullback to the Trendline support. A Break & Hold below the TLS on the Daily could suggest more Downside is on the cards. I will be waiting for the Breakout or the Pullback before i get in Long..
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