An under-$10 name in software and programming complex that's trading within range of a major breakout trade is Mitek Systems (MITK - Get Report), which is engaged in the development, sale and service of software solutions related to mobile imaging applications and intelligent recognition software. This stock is stock has been destroyed by the bears so far in 2012, with shares down by over 60%.
If you take a look at the chart for Mitek Systems, you'll notice that this stock topped out back in March at just under $13 a share. After forming that top, shares of MITK plunged with big selling volume to under $6 a share. Then, in early May, this stock gapped down big from over $5 to under $3 a share with heavy volume. Following that gap-down, the stock has continued to trend lower and it's recently hit a low of $1.90 a share.
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