This article was originally posted at Kirk's Market Thoughts as GGR: GeoGlobal Resources Inc. - Technical Analysis: Golden Cross & Rounding Bottom Patterns
GeoGlobal Resources Inc. (GGR Charts) is about to make a "Golden Cross" chart pattern. This is where its 50-day moving average crosses above its 200-day moving average.
I show the 50 and 200 DMA now at $1.06. With GGR trading now at $1.18, the 50 DMA should be higher tomorrow (or very soon) for an official crossing.
A Golden Crossing should show up on all sorts of trader charts so I expect money could surge into the stock. Grab your stocks and pull up your socks.....
As you can see from this longer term chart, GeoGlobal is also making a beautiful rounding bottom pattern. Also bullish is GGR appears to have successfully tested its 50 DMA which has switched from resistance to support.
I added shares of GGR to my personal and newsletter portfolios under a buck in August (80¢ in my newsletter and ROTH portfolios) so I'm ready to go higher. I am pleased those August lows held (so far) in this recent correction.
Disclaimer: I am locked and loaded with shares added to personal and newsletter portfolios at 80¢. I have long-term shares purchased as low as 12¢ in my personal portfolio. I have plans in place to sell shares at preset, but significantly higher prices listed in my newsletter. If my outlook changes, I may sell sooner and announce it to my subscribers.