MITK - Possible flag formation long from current price to $$9.70MITK is forming a possible flag formation. It also seem an advance fallen angel formation.
We think it has good upside potential and it can be a momentum continuation trade.
* Trade Criteria *
Date First Found- May 6, 2018
Pattern/Why- Possible flag formation, advance fallen angel formation
Entry Criteria- Current Levels ($
Exit Criteria- 1st Target $9.70; 2nd Target- Momentum
Stop Loss Criteria- $8.46
Indicator Notes- Very powerful Twiggs money flow index
Please check back for Trade updates. (Note: Trade update is little delayed here.)
MITK trade ideas
MITK- short from 7.85 to 6.33With the recent insider selling along with overall technical weakness, we took a short position on MITK. We also took Sep16, & Jul16, 7.5 put.
You can check our detailed analysis on MITK in the trading room link here-
Trade Suggestion Date: 6/7/2016
Trading Room - Executive summery link: www.youtube.com
Time Span: 12:40”
Trade Open: 6/8/2016
Trade Close: Running
A Bullish looking MITK is now testing Resistance...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..
MITK Long: Bat Complete at 100 Day EMA SupportMITK has completed a bullish bat in a with a PRZ that is confluent with support from the 100 day exponential moving average. To add to bullish bias, 2 missed weekly pivots sit above price. Entry is placed at the bottom of the PRZ with target at the missed weekly pivot from 12/14.
Confluence in the PRZ:
Bullish bat
2AB=CD
2.272BC Projection
EMA100 Support
Bullish MACD Divergence
S/R Zone
Missed weekly pivots above price