Solid Support For WiseTech Global Shares

Technicals | Apr 30 2024

This story features WISETECH GLOBAL LIMITED. For more info SHARE ANALYSIS: WTC

By Michael Gable 

Despite the wild ride last week, the S&P/ASX200 Index finished the week fairly flat. Expectations of rate cuts continue to pushed back, but that is the price you have to pay for strong growth.

At the end of the day, strong growth and higher rates is better than the alternative. Talk of rate rises, however, are overblown.

We have had all the talk that the fall in inflation won't be in a straight line. So, at the first moment that it doesn't happen in a straight line, we have people worrying that the whole thing is going to unravel.

Remember, Australian quarterly CPI in December was a little under expectations, and then the March figure was a little above. Contributors to inflation at the moment move with a lag.

It is all heading in the right direction, and 5% dips in the share market will prove to be buying opportunities along the way.

Today we offer a technical view on shares in WiseTech Global ((WTC)).

After breaking to new highs several weeks ago, WTC shares have eased back and found some good buying support on top of the old high from 2023.

Price action has looked very supportive in the past few days and it looks like WTC is ready to resume the longer-term uptrend.

This is therefore another buying opportunity. Initial stops can be considered near $88.50. If that cannot hold, then the next major support is back near $80.

Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of  Fairmont Equities (

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2


Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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