EXXI

EXXI made a valiant attempt at a breakout today, but didn't get the volume and formed the dreaded black candle. To make matters worse, the close was near the low of the day, and well below the breakout point. Weakness in the price relative line warned that something like this might happen.  The catalyst was news that it was buying some Gulf of Mexico oil properties from Exxon. Apparently after the open the market came to the conclusion that might not be a good idea.