ASPV: Double Inverse H&S & Good News

(Click On Chart To Enlarge)

From October 1 post:

"A measured move target of 24.79 is IN PLAY as long as ASPV trades above the neckline of the pattern. Targets don't always get MADE, and sometimes they are exceeded. They're just what we're "aiming for," based on what the pattern suggests. Fundamentally, this would be a nice juncture for some good news on the stock because, technically, the chart is good to go."

We had a very nice breakout of this pattern and now, fundamentally, the good news is that ASPV has agreed to be bought out at $26, so the 24.79 target will get MADE.

I didn't get a chance to get back into ASPV after I "sold into strength," but I had a nice gain in it, and I'm happy for some folks that I know who own this one.

By Robert DanielLast Update: 3:14 AM ET Oct 18, 2007
TEL AVIV (MarketWatch) -- Aspreva Pharmaceuticals Corp., (ASPV:aspreva pharmaceuticals corp com

ASPV 22.50, +0.10, +0.5%) Victoria, British Columbia, said it agreed to be acquired by Galenica Group for US$26 a share cash, or US$915 million. Galenica, based in Bern, produces and retails pharmaceuticals and provides logistical and information services to the health-care industry. Aspreva shares closed Wednesday at $22.50. The deal price is 16% over that close and 24% over the 30-day average trading price. Aspreva's board has approved the terms and urges holders to accept the deal, the company said in a statement on Thursday. Subject to regulatory and legal clearances, the companies hope to close the deal Jan. 3. Lazard and Lehman Brothers advised Aspreva on the transaction.