The bulls are trying to cement a bottom on the daily chart and turn the medium term technical trend back to bullish.

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Halliburton said that the report "accurately places responsibility on BP as the well owner for its operational decisions, " which included using a heavy fluid designed to keep gas from entering the well, called drilling mud, that was "too light" and probably mixed with the cement at the bottom of the well, and drilling too narrow a well.

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Allen said that would push the interception date -- which had been expected Thursday or Friday -- to sometime between Sunday and next Tuesday, weather permitting, at which point crews could begin the "bottom kill" procedure to permanently cement the well.

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At this moment, Davy Jones has been cased to the bottom of the well, sealed with cement and temporarily abandoned so the rig could be moved 2.5 miles to the southwest to drill the second Davy Jones delineation well.

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When Zambrano acquired Valenciana and Sanson, Spain's two largest cement companies, he reorganized them from top to bottom.

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From that point, it will take another few days to permanently seal the well with mud and cement from below in what's called a "bottom kill" procedure.

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And following the intersection of the well bore with those relief wells, they will put heavy mud down there to suppress the pressure of the oil coming up from the reservoir, put a cement plug in and effectively do what I would call a bottom kill, as opposed to the top kill, which was not successful a couple of weeks ago.

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"We have known for some time that the cement used to secure the production casing and isolate the hydrocarbon zone at the bottom of the Macondo well must have failed in some manner, " the letter said, noting that BP used a "nitrogen foam cement" recommended and supplied by Halliburton.

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