ShadowTrader Free Trade Idea of the Week – INSY – Long…

INSYS Therapeutics, Inc. (INSY) – Long
Entry – 8.96
Stop – 8.55
1st Target – 9.80

INSY closed lower for the eighth consecutive day on Friday.  At one point it traded within two pennies of its 52 week low.  The probabilities of the stock reversing are increasing, but price will have to break the short term downtrend line for a long entry to trigger based on the plan above.

If INSY triggers the entry, it cannot then trade back through the fifty two week low and then touch 8.55 or the protective stop will close the trade.   Alternatively, if the current six week price range holds and INSY continues its sideways pattern by trading back to the upside, price should run as high as 9.80 in the short term and possibly higher thereafter.