INMD has preannounced revenue expected to be above previous estimates. I have this on my watchlist for a breakout to the upside. It is clearly in a stage one consolidating after a brutal selloff. I have an alert set at R-1 for a breakout of this VCP area. Keep in mind if you like this idea that there is a lot of overhead resistance. I’ve marked areas I think are the most relevant on the chart. My thinking is that IF it breaks out of R-1, R-2 is close by. If it can get over $42 area it may run to around $50 before it needs to digest the overhead. All TBD. Ideas, not investing / trading advice.
Comment:
Looks like this is a sell the news right out of the gate. Still on watchlist. This could be a shakeout before a breakout. TBD. However, the volume has already exceed the daily average and we are only 35 minutes into the trading day. I'm now watching on a 5 min chart for a possible reversal. to the upside.
Trade active:
I've turned this into a day trade now. In at $34.97 with a stop just below today's low. Very tight stop with a great RR... TBD.
Trade closed: stop reached:
Day trade did not work. Stopped for a small loss. Still on watchlist.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.