The WiseTech Global Ltd (ASX: WTC) share price has had a tough run in 2026.
At the time of writing, the WiseTech share price is sitting at $45.26, up just 0.07% today.
However, that small gain does little to change the bigger picture. The stock is still down around 34% year to date and remains well below its highs from last year.
So, is the worst now finally behind it?
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A sharp fall followed by signs of stabilisation
Recent trading data shows that WiseTech shares have been under steady pressure over the past few weeks.
The stock has dropped from above $50 earlier this month and briefly traded closer to the low $40 range. Over the past 5 trading sessions, declines of up to 4% have been common, pointing to ongoing selling pressure.
However, there are early signs that momentum may be stabilising.
Technical indicators suggest the stock has been approaching oversold territory. The relative strength index (RSI) has been hovering around the low 40's, after previously dipping lower. While not deeply oversold, this level can sometimes indicate that selling pressure is starting to ease.
At the same time, the share price has been trading near the lower end of its Bollinger Bands. This often signals that volatility has expanded during the sell-off and that a short-term bounce is possible.
Support levels starting to form
From a technical set of eyes, the $44 to $45 range is emerging as a key support zone.
The stock has tested this level multiple times in recent sessions and has so far managed to hold above it. If this level continues to act as support, it could provide a base for a potential recovery.
On the upside, resistance appears to be forming in the $48 to $50 range, where previous rallies have stalled.
A move above that level would likely be needed to improve investor sentiment.
What's been driving the weakness?
The recent fall in WiseTech shares hasn't been caused by one specific update.
Instead, it comes down to a mix of factors.
Tech stocks have been under pressure lately, especially high-growth companies. Higher bond yields and valuation concerns have weighed on the sector.
At the same time, WiseTech has faced its own challenges. These include governance concerns, ongoing restructuring, and its shift toward AI, which has added some uncertainty.
There have also been mixed broker updates, with some price targets lowered, which hasn't helped sentiment.
Foolish Takeaway
WiseTech shares are still under pressure, but the sell-off looks like it may be slowing.
The stock is holding around current levels, and technical indicators suggest the heavy selling may be easing.
That said, there is no clear sign yet that the trend has turned.
The WiseTech share price could be starting to move sideways rather than falling further in the short term.
