Quick Take Technical Analysis: InMode, Ltd

InMode, Ltd INMD made one final push to a new all-time high of $99.27 after Benzinga called out the stock was in need of consolidation.

• Between Nov. 2 and Nov. 11, the stock consolidated in a falling channel on the daily chart. InMode then broke up from the pattern on Nov. 12 and has back tested the upper descending trendline of the channel on each day since.
• On Tuesday, InMode reacted bullishly to the channel test and pushed up about 3% higher at one point.
• On the weekly chart, InMode has settled into a bull flag pattern and has yet to break from it.
• The consolidation has helped to cool InMode’s relative strength index down from the Nov. 2 high of 70% to a more comfortable 59%, which may give the stock strength to make a bullish move higher.
• InMode needs to trade above the Nov. 12 high of $97.20 to avoid making a bearish double top pattern at the level.
• Above $97.20 there is no further resistance until the all-time high.
• There is support below at $90 and $86.49.

The Daily Chart: