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Possible Bearish Inside Day Candle Pattern Detected for Insmed Inc (NASDAQ:INSM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Insmed Inc (NASDAQ:INSM) based on the price action in the company's shares. Today's price range of $19.23 and $19.34 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Insmed Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Insmed, Inc. is a biopharmaceutical company focused on developing and commercializing novel, targeted inhaled therapies for patients with high unmet need battling serious orphan lung diseases.

There is potential upside of 100.6% for shares of Insmed Inc based on a current price of $19.34 and an average consensus analyst price target of $38.80. Insmed Inc shares should encounter resistance at the 200-day moving average (MA) of $23.55 and support at the 50-day MA of $19.05.

Over the past year, Insmed Inc has traded in a range of $11.31 to $33.13 and is now at $19.34, 71% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 3.5%.

SmarTrend is monitoring the recent change of momentum in Insmed Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Insmed Inc in search of a potential trend change.

Keywords: bearish inside day candle insmed inc

Ticker(s): INSM