Inmode Stock Price Crash; Buy, Sell, or Hold INMD Stock?

The InMode stock price crashed by 19.97% on 12 October 23 shaking the heartbeat of the investors. The INMD stock gave a gap-down opening at $24.14 and pulled back the price to a low of $22.40. The price closed at the level of $22.40 with a total of 19.97% change, and the trading volume was 16.357 Million.

InMode is an Israel-based company that looks at problematic situations as Israel is going through a rough condition as war is going on there. However, the company managing it well despite the tough conditions.

Moreover, by conducting a press release, Inmode assures its investors that the company workers are safe and things are going well as of now. However, the investors and stakeholders are worried that war can affect the delivery of the products.

Furthermore, Inmode CEO and Chairman Moshe Mizrahy stated that Israel only contributes 1% of the total revenue. He also stated that the Israeli employees are strong enough to handle these situations.

Basically, the Company is preparing its investors for the next quarter and the CEO assures the stakeholders that all the operations are going well, inventory levels are abundant and delivery will be done on time.

What Technical Charts Are Indicating About INMD Stock?

Inmode stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMA. The INMD stock price has failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.

The INMD stock price is currently trading near $22.40, with a remarkable drop of -19.97% in the intraday session. The stock has a potential upside target, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a crucial support level of $20.68, which could prevent further downside.

Inmode price forecast suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.

The technical indicators favor the bears, projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving near the overbought zone, whereas the major EMA lines are acting as barrier points for INMD stock price.

The company’s performance has been dismal throughout the year. It has suffered negative returns of 35.39% in the year-to-date period, 39.31% in the last six months, 40.20% in the last month, and 20.85% in the last week. This shows a persistent bearish trend that has not reversed yet.

Conclusion

InMode Stock price is bearish on the daily and weekly timeframe as the price is in the oversold territory. The key indicators like MACD, RSI, and EMA are indicating a bearish scenario on the daily and the weekly time frame. However, the Inmode CEO assures the investors that the operations are going well and delivery of products will be on time.

Technical Levels

Support Levels: $20.68 and $18.00.

Resistance Levels: $29.05 and $33.92.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing