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Seeing Machines stock forms an interesting bullish pattern

Seeing Machines (LON: SEE) share price has had a strong recovery this year. The stock jumped to a high of 7.90p in February, the highest level since June 2022. It has jumped by over 47% from its lowest point in 2022, making it one of the top performers in the FTSE AIM 100 index.

Most active FTSE AIM 100 stock

Seeing Machines has been the most actively traded stocks in the FTSE AIM 100 index according to data compiled by Hargreaves Lansdown. There were over 4.1 million shares traded in the morning hours, which is substantial considering that the company has a market cap of over 300 million pounds.

Seeing Machines is a technology company that provides products that enhances safety, especially in the automotive industry. The firm’s products are bought by some of the leading companies in the automotive and aviation industries.

In its most recent report, the company said that its products were installed in more than 447k cars around the world. The report also showed that the company’s annual revenue rose by 15% to $54 million while its cash position as at June was about $58.8 million. Most importantly, its annual recurring revenue jumped by 18% to $17.6 million. 

Seeing Machines share price has risen because of its exposure to artificial intelligence (AI). AI has been the main theme in the market this year following the success of ChatGPT. Most companies with an AI angle like and AITX have all jumped sharply in the past few months, as I wrote here. The same is true with cryptocurrencies with an AI element like SingularityDEX.

Seeing Machines has incorporated AI into its Guardian driver safety features. For example, the software has eye-tracking algorithms that track the driver’s performance. As a result, it has detected over 15 million distraction events.

Seeing Machines share price forecast

SEE stock chart by TradingView

The daily chart shows that SEE stock price has been in a strong bullish trend in the past few weeks. In this period, it has managed to move above the important resistance level at 7.42p, the highest point on October 9. The shares are also about to form a golden cross, which happens when the 50-day and 200-day moving averages (MA) make a bullish crossover. 

Therefore, there is a likelihood that the stock will have a bullish breakout as buyers target the 50% retracement level at 8.67p, which is about 15% above the current level.

The post Seeing Machines stock forms an interesting bullish pattern appeared first on Invezz.

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