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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Insys Therapeuti (NASDAQ:INSY) based on the price action in the company's shares. Yesterday's price range of $7.11 and $7.43 is within the prior day'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. Traders and investors interested in shares of Insys Therapeuti may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Insys Therapeuti (NASDAQ:INSY) has potential upside of 9.8% based on a current price of $7.29 and analysts' consensus price target of $8.00. The stock should find initial resistance at its 50-day moving average (MA) of $16.36 and further resistance at its 200-day MA of $25.66.

In the past 52 weeks, Insys Therapeuti share prices have been bracketed by a low of $4.10 and a high of $19.96 and closed yesterday at $7.29, 78% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Insys Therapeuti on January 10th, 2018 by issuing a Downtrend alert when the shares were trading at $9.31. Since that call, shares of Insys Therapeuti have fallen 19.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle insys therapeuti

Ticker(s): INSY