WiseTech Global shares (ASX: WTC) climbed 3.11% to A$32.84 today, as markets stepped back into one of the ASX’s most heavily marked-down technology names. After a brutal 2026 that has seen WTC stripped in half (-52.09% YTD), and ejected from the S&P/ASX 20 in the September rebalance, a semblance of support seems to be testing the waters near lows.
The move appears to reflect early repositioning in a bruised, high-beta stock rather than any settled verdict on the company’s troubles. The ASX Info Tech sector closing 4.61% higher on the day provides an element of rising tides floating all boats. Codan shares leading the ASX with a 23.93% gain on the day, followed by Megaport, up 9.44% on new AI deals and raised guidance will have helped others in the space.
Jeff Howard has also just taken up the chief financial officer role, capping a board-run succession process aimed at stabilising a finance function that has been under intense scrutiny. The appointment is widely seen as unusually important given repeated market concerns about reporting clarity, guidance credibility and capital allocation.
Looking at recent financials, and the FY26 result delivered strong top-line growth, aided by the e2open acquisition, and a large jump in underlying EBITDA, but margin compression and guidance that disappointed parts of the market.
Restructuring charges tied to an AI transformation program, which has cut roughly 1,200 roles and lowered the R&D spend ratio, have muddied near-term earnings quality. On top of that, AFP, ASIC and the ACCC have all been involved in investigations touching the company, including a recent ACCC warrant focused on alleged competition issues in logistics software. .
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What Lay Ahead
Brokers remain firmly in the buy camp, with the average price target of A$59.90 implying perceived upside of more than 80% from today’s level. On the technical side however, the picture remains that of a counter-trend bounce inside an established downtrend.
WiseTech shares sit below the 50-day moving average at A$36.83, which itself sits well below the 200-day average at A$43.92, a classic negative alignment. EMAs are similarly positioned bearish, whilst an ADX reading near 30 and rising indicates the prevailing trend still carries real strength, which in this case means the downtrend.
Today’s move provides a welcome respite for under pressure WTC holders, at a level that bulls will be looking to firm into meaningful support for a rebuild. Yet a glance at the chart, and the 52% decline YTD suggests bears remain in charge for now, and it may take something of a fundamental nature to shift sentiment more meaningfully.
