Betting on an Imminent Squeeze; Chess Moves

As a follow-up to my last post regarding the biotechnology stocks, I just went long INSY at $60.99 with a stop-loss below $56.50.

I am playing for am imminent breakout higher in this extremely heavily-shorted bio. 

On the daily chart, below, note the basing formation in an established prior uptrend. If biotechs continue to enjoy this upside move I believe the INSY thesis can work quite well,l especially when you consider it is a low float/heavily-shorted name.