Mitek Systems Up 7.5%, Shares Break Through Resistance (MITK)

Jan 31, 2013 (SmarTrend(R) Spotlight via COMTEX) -- Mitek Systems (NASDAQ:MITK) is one of today's best performing low-priced stocks, up 7.5% to $3.60 on 1.4x average daily volume. Mitek Systems has traded 397,000 shares thus far today, vs. average volume of 288,000 shares per day. The stock has outperformed the Dow (7.5% to the Dow's -0.1%) and outperformed the S&P 500 (7.5% to the S&P's -0.1%) during today's trading.

Mitek Systems (NASDAQ:MITK) defies analysts with a current price ($3.60) 13.2% above its average consensus price target of $3.12. The stock should discover initial support at its 200-day moving average (MA) of $3.59 and subsequent support at its 50-day MA of $3.20.

Over the past year, Mitek Systems has traded in a range of $1.90 to $13.11 and is now at $3.60, 89% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has slid 1.1%.

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.

SmarTrend recommended that subscribers consider buying shares of Mitek Systems on December 5th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.94. Since that recommendation, shares of Mitek Systems have risen 13.9%. We continue to monitor MITK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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