Buy Signal For Mobile Technology Stock Mitek, Strong Upside Potential

Chart analyst • Sep 28, 2016 at 9:53 PM EDT

Mitek Systems is an enticing mobile technology stock, certainly a sector leader. This stock is a screaming BUY, and will go at least 30 to 50% higher in the coming months.

Mitek Systems (MITK) is an enticing mobile technology stock, certainly a sector leader. The company provides services to identify internet users on mobile devices, for instance when authenticating before entering a mobile banking application.

The stock chart of Mitek is a textbook example of a breakout trader. After a so-called bullish flag (annotated in purple on the chart) the stock broke out in September, right at a time when markets were retracing.

This week, the bullish sentiment become even stronger, as the breakout came with rising volume. What that means in our own words? This stock is a screaming BUY, and will go at least 30 to 50% higher in the coming months.

mitek_september_2016_2017

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