Hyperdynamics Corp (HDYNQ)

[TOB]

HDY Daily Chart Analysis

The last three days have seen a test of the reversal/basing pattern on the daily chart which took HDY off of the recent key low @ 0.56, which is now the support level. The weekly and monthly charts remain bearish.

Prior to this HDY was in a free-fall and there was no near-term valid low.

After the pull-back from the 1.04, resistance is now at 1.04.

We are now in an attempt to break above the resistance range from 0.96 - 1.04. The high volume attempt on 6/14/12 fell short and volume has dropped precipitously.

I take this as a sign the break-out attempt at the double top may fail, and there will be a decline with the first target @ .070 and the second target being key support @ 0.56.

Note that .070 is not yet confirmed as a valid low, but 0.56 is, and the HDY chart will remain in a reversal basing pattern off of the larger decline until such time as we see a sustained break below 0.56.

Alternatively, a sustained break above 1.04 will indicate that 0.70 is a valid low and the next key resistance will be at 1.30

I also noticed that when attempting to put on a short position, my broker had none available, only put options.