GeoGlobal Resources (GGR)

Company

"GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a US publicly traded oil and gas company, which through its subsidiaries is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. Since inception, the Company’s efforts have been devoted to the pursuit of Production Sharing Contracts with the Government of India. Currently, the Company is focused on the development of high potential exploration targets in the Krishna Godavari basin, the Cambay basin, and the Deccan Syneclise basin." (company website)

GGR 3-month stock chart

Buy

I've been in and out of GGR twice already this quarter (see and see also). The uptrend is still clearly intact, and up-days have had solid volume.

  • Price momentum (PPO) — up and down, but still quite strong
  • Trend (ADX) — stable, but strong
  • Money flow (CMF) — still a strong inflow
  • Relative strength (RSI) — recently increased, but pointed down again (temporarily, I hope)
  • Volume — higher-than-normal on up-days

I bought in again with the idea that with two assaults on the $9 level in two months, GGR would be ready to forge upward. Perhaps I've jumped the gun.

Sell

loss Bottom line
-23%

Not only did I jump the gun I held on far longer than reasonable. Through the end of 2006 I kept looking at the rising 50-day moving average and thinking/hoping/praying GGR was going to pull it out. Then in 2007 it sank to $7 but seemed to find some shred of support at that level. I decided that I absolutely positively wouldn't lose more than $2 per share. In today's plunge, that limit was reached and I bailed.

Now it looks like a failed recovery.