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

By Shiri Gupta

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. Yesterday's price range of $19.25 and $19.91 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. 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.

In the past 52 weeks, Insmed Inc share prices have been bracketed by a low of $10.21 and a high of $34.94 and closed yesterday at $19.56, 92% above that low price. The 200-day and 50-day moving averages have moved 0.41% lower and 3.64% lower over the past week, respectively.

Insmed Incorporated operates as a biopharmaceutical company focuses on the unmet needs of patients with rare diseases. The Company develops amikacin liposome inhalation suspension for adult patients with treatment refractory NTM lung disease caused by MAC. Insmed also develops therapeutics for bronchiectasis and other inflammatory diseases.

There is potential upside of 98.4% for shares of Insmed Inc based on a current price of $19.56 and an average consensus analyst price target of $38.80. Insmed Inc shares should first meet resistance at the 200-day moving average (MA) of $20.87 and find additional resistance at the 50-day MA of $21.61.

SmarTrend is tracking the current trend status for Insmed Inc and will alert subscribers who have INSM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle insmed inc

Ticker(s): INSM