EXXI daily May 18th
Before I leave for vacation later today, I hope to have all of the trade ideas updated. EXXI (Energy XXI Ltd) was one of several energy stock long trade ideas which triggered a long entry shortly after the sector bottomed earlier this year.
EXXI was an explosive & very timely trade, hitting the first target for a 12.8% in just one day. The yellow downtrend line was stated as the next & final target when T1 (3.62) was hit. That downtrend line was 6 trading sessions later for a 28% gain with the EXXI going on to gain as much a 55% before falling back below the entry price. Although I left the trade listed in the Active Trades category after that downtrend line was hit because the charts still looked constructive and I had previously listed a potential (but not current) additional price target at 5.50, EXXI should have been removed back when the official final target (downtrend line) was hit or at the very least, when the stock moved back below the original entry price. (EXXI had fallen off my radar after personally closing the trade). EXXI will now be assigned to the Completed Trades category.