MITK might go higher after earnings

30 Okt 2021

MITK

The earnings for MITK are expected to be lower than estimated. Previously MITK continued by closing deals as well as fulfill the contracts and there weren’t any news about their ongoing lawsuit. Therefore I think they might beat the estimates of the analyst. This would mean that they continue their uptrend at least to the ATH at $ 23.3. Also they are still above the 100/50 sma. But before that I expect them to have a little pullback to the trendline (as you can see in the cahrt). This would mean, that they are in the overbought zone (RSI MACD...)and the trendline, the support line at $18 and the ema 200 could work together as a strong support. Those factors combined with strong earnings could result in a big move upwards. The only concerning thing rn is the pattern (SKS) and fundamentally the ongoing lawsuit.