Penny stock traders appear to be losing interest in NYSE penny stock, Hyperdynamics Corp. (NYSE: HDY) which closed at $1.35 in the last trading session. HDY stock has been slowly losing volume and the trend seems to be affecting the average trade size which was a mere 408 shares in the last trading session on volume of 1,077,490 shares traded.
HDY is a momentum penny stock and it does hold some potential to make a buck for penny traders with the untapped oil reserves HDY has in Western Africa. Regardless of potential, one of the few NYSE penny stocks has dropped -44.90% in price so far this year and is trading -76.02% below its July 26, 2011 52-week high; $5.63.
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HDY has a market capitalization of $225.20 Million with 166.82 Million shares outstanding. From a technical analysis point of view, HDY stock is looking interesting with an bullish trend in both RSI and MACD.
HDY share price and investor interest have been decreasing for the last month or so. 30-Day Average Volume for HDY is 5,098,366, 20-Day Average Volume is 3,222,557, 10-Day Average Volume is 2,900,213 and 5-Day Average Volume is a mere 1,337,248.
However, HDY stock’s Moving Average during those same periods has stablized. 30-Day Moving Average; 1.43, 20-Day Moving Average; 1.35, 10-Day Moving Average; 1.34, 5-Day Moving Average; 1.35.
While Africa doesn’t offer the most stable and safe-to-operate-in political environments, many penny stock speculators believe the African locals are simply interested in exporting oil and HDY has profitable operating wells.