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Possible Bearish Inside Day Candle Pattern Detected for Insys Therapeuti (NASDAQ:INSY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Insys Therapeuti (NASDAQ:INSY) based on the price action in the company's shares. Today's price range of $4.71 and $4.75 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 Insys Therapeuti may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Insys Therapeuti share prices have moved between a 52-week high of $11.65 and a 52-week low of $3.35 and are now trading 41% above that low price at $4.71 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.3%.

Insys Therapeuti (NASDAQ:INSY) has potential upside of 95.3% based on a current price of $4.71 and analysts' consensus price target of $9.20. The stock should run into initial resistance at its 50-day moving average (MA) of $4.79 and subsequent resistance at its 200-day MA of $6.74.

Insys Therapeutics, Inc. develops cancer support drugs. The Company support care candidates include a fast-acting sublingual spray for cancer pain and a dronabinol product used to treat chemotherapy-induced nausea and vomiting and to stimulate appetite in AIDS patients.

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

Keywords: bearish inside day candle insys therapeuti

Ticker(s): INSY