Energy XXI (Bermuda) Limited (NASDAQ: EXXI)

Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and offshore in the Gulf of Mexico. As of May 15, 2014, the company had proved reserves of 179 MMBOE. It operated or had an interest in 463 gross producing wells on 272,262 net developed acres, including interests in 41 producing fields. Energy XXI (Bermuda) Limited was founded in 2005 and is based in Hamilton, Bermuda.
To review Energy’s stock, please take a look at the 1-year chart of EXXI (Energy XXI, Ltd.) below with my added notations:

EXXI has been trading primarily sideways for the last 6 months. Over that period of time the stock has formed a very strong resistance area at $24 (red). In addition, the stock has also created a clear level of support at $20 (green). At some point the stock will have to break out of its current consolidation.

The Tale of the Tape: EXXI has levels of support at $20 and resistance at $24. The possible long positions on the stock would be either on a pullback to $20, or on a breakout above $24. The ideal short opportunity would be on a break below $20.
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