Insmed Another under-$10 name in the biotechnology and drugs complex that's trading very close to triggering a major breakout is Insmed ( INSM). This company's liposomal technology is designed specifically for delivery of pharmaceuticals to the lung and it provides for potential improvements to the conventional inhalation methods of delivering drug to the pulmonary system. This stock is off to a solid start in 2012 with shares up around 20%. If you take a look at the chart for Insmed, you'll notice that this stock recently formed a perfect double bottom at around $2.66 to $2.69 a share. Both times in the past month or so that shares of Insmed have hit those levels, the stock has subsequently skyrocketed higher. Now shares of Insmed are trending very close to triggering a major near-term breakout trade. If that trade hits, then INSM could still have plenty of upside left from its current price near $3.60 a share. Market players should now look for long-biased trades in INSM if it can manage to trigger a breakout above some near-term overhead resistance at $3.66, and then above its 200-day moving average of $3.72 a share with high-volume. Look for volume off a sustained move or close above those levels that registers near or above its three-month average action of 128,528 shares. If we get that action today or soon, then INSM could easily re-test its May high of $4.93, or possibly its 2012 high of $5.50 a share. At last check, INSM has hit an intraday high of $3.75 on volume that so far is below its three-month average action. I would look to buy INSM off strength as long as it maintains a trend above $3.66 and $3.72 a share with strong upside volume flows that are close to 128,528 shares. You could use a stop at around $3.50 in case INSM isn't ready to break out here and trend higher. That said, As long as its trending over $3.66 to $3.72 a share, then this stock has a great chance of producing some big gains.