If you remember our trade idea we posted all the way back yesterday, then you’ll find that this latest Daily Smart Report trade setup looks awfully familiar. This makes this next setup a great opportunity to not only practice your charting and finding key levels, but it will also help you with execution on a trade setup you’re already familiar with.
Insmed (INSM) is a global biopharmaceutical company, which engages in the development and commercialization of therapies for patients with rare diseases. This stock is among those in play as recently the company recently announced their trial of bronchiectasis treatment achieved some key endpoints, sending the stock soaring recently.
Whether or not this hype in the research breakthrough will be short lived is still up in the air, however, this piece of news means that there should be more eyes on this stock, and ultimately, this setup.
Right now, we have a key level of support at 24 and resistance at 26. If either of these levels break in a major way, then we will look to follow the price action. At this point, given the news, there should be a little more room to the upside. But as is often the case with these biotech pops, keep an eye on a pullback as a large move has already taken place and the big players could be looking to take profits soon. Keep this trade high on your watchlist. Which ever direction the move comes, it should be a lucrative one.
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