WiseTech Global Ltd (ASX: WTC) is back in the spotlight for all the wrong reasons.
The ASX tech stock is under pressure again today, with the WiseTech share price down 1.75% to $59.64.
That puts the stock at its lowest level since October 2023.
Zooming out, the sell-off has been brutal. WiseTech shares are now down almost 52% over the past 12 months, making it one of the worst performers among large-cap ASX tech names.
So, what has pushed the WiseTech share price this low? Let's take a closer look.
A tough year for a former market darling
WiseTech has long been regarded as one of the ASX's highest-quality growth companies. Its CargoWise platform is widely used across global logistics supply chains, supporting years of strong revenue growth.
But over the past year, the market has reassessed WiseTech's outlook.
Valuation concerns, ongoing governance scrutiny, and a broader pullback from expensive growth stocks have all pressured the share price. At the same time, shifting interest rate expectations have reduced investor appetite for high multiple technology names.
Despite the sell-off, WiseTech still sits with a market capitalisation of around $20 billion and remains ranked number one in the ASX technology sector by size.
What the charts are saying
The chart still points to ongoing weakness.
WiseTech shares are trading well below their key moving averages, including the 50-day and 200-day lines. That suggests sellers remain in control for now, as the broader trend continues to point lower.
The relative strength index (RSI) is hovering around 30, which is approaching oversold territory. This does not guarantee a bounce, but it does suggest downside momentum may be starting to slow.
Bollinger Bands also show the share price sitting near the lower band, often a sign that selling pressure has become stretched in the short term.
The next key support level appears to be around the mid $50 range. A break below that could open the door to further weakness.
Upcoming dates investors should watch
There are several important catalysts ahead.
WiseTech is scheduled to report its half-year results on 25 February 2026. This update will be closely watched for signs that earnings growth remains on track and that margins are holding up.
The interim dividend goes ex-dividend on 13 March 2026, with payment due on 10 April 2026.
Looking further ahead, WiseTech is expected to release its full-year results on 26 August 2026, followed by its AGM later in the year.
Foolish Takeaway
WiseTech Global shares have fallen a long way, and the chart still looks fragile. In the short term, the trend remains down.
That said, the stock is now trading at levels not seen in more than two years. If upcoming results show resilience in earnings and cash flow, sentiment could improve quickly.
I believe that WiseTech looks like a stock to watch closely rather than rush into for now.
