FX Energy, MeetMe Both Make Good on Their Potential (MEET, FXEN)

I hate to be the one to say I told you so, but, I told you so. Within the past week I suggested both FX Energy, Inc. (NASDAQ:FXEN) and MeetMe Inc. (NYSEMKT:MEET) were on the verge of breakouts, and sure enough, both are making good on that promise today; FXEN is up 5%, and MEET shares are higher by nearly 13%. Granted, the market's bullish tide is helping... a little. But, with both of these stocks outpacing the market's gain today, odds are that we would have seen these breakout moves anyway.

And don't worry if you didn't get into either trade when I first put them on the table. Although MeetMe and FX Energy are both up sharply today, the reason I'm bringing them up at all again now is to let you know there's still plenty of room - and some time - to wade into either one of them.

The last time I looked at MeetMe Inc. was back on October 23rd. At the time I was excited about the way MEET shares has not only pushed their way above the key 200-day moving average line (for the first time in a long time), but had also pushed its way above a less-organized horizontal resistance line right around $2.00. Volume was growing on the way up too. The only fault I could find with the breakout effort from MeetMe at the time was that the move above the 200-day line (green) was new, and not yet cemented into place. That's changed today.

After moving sideways for a little while after my look at the chart last week, well-rested MEET has gotten back on its proverbial horse. Shares are hitting new multi-week highs again today, and they're doing so on huge volume. But isn't MeetMe Inc. overbought as a result? Yes, a little, but remember, the stock's still in the shadow of a nasty pullback - from more than $4.00 to just a tad above $1.00 - suffered over the course of the first half of the year. Point being, there's plenty of room for this rally to keep rolling.

As for FX Energy, Inc., I took a technical look at it back on Friday, October 25th. It hadn't yet moved above its 200-day moving average line, or any key resistance level for that matter. But, between the continued pressure FXEN was putting on its 200-day moving average line (as a ceiling) and a string of higher lows fueled by a solid rising support line, I figured it was only a matter of time before all that brewing pressure was unleashed in a bullish direction.

That time is today. As the chart of FXEN below shows, shares have popped above the 200-day line, and done so on huge volume. After weeks of buildup though, it's unlikely this move from FX Energy is a one-day wonder. Also, and like MeetMe, there's a ton of upside left to tap into before hitting any major headwinds.

Bottom line? Well, aside from the obvious one of becoming an SCN community member, signing up to "follow me", and becoming a subscriber to the free SCN newsletter, the more immediate take-away is to simply take on positions in FX Energy and MeetMe. Both are now off and running.

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