Hyperdynamics Corporation: Breakout To be?

While running analysis of a variety of equities Hyperdynamics Corp. (HDY) came up on my screener. I almost invariably prefer to analyze securities that are trading sideways for a period of a week or so. Allows me to look at the previous 3 month trend to allow me to evalute which direction the trend is going.

So far it appears that HDY is a textbook depiction of a Bullish Falling wedge continuation pattern.

• Contracted Bollinger bands mean a directional breakout is due.
• Light volume preceded by falling wedge with contracted bands shows the bullish falling wedge pattern is working itself out before breaking out.

Based of the chart, and my analysis of the technicals i would give HDY a long call, it appears a bullish breakout is will occur after this contraction expands.

Position: Ultra Long