WiseTech (WTC) is a $33 billion company that provides software solutions to the logistics industry.
“I last looked at the chart in early December when it was trading under $70,” Michael said. “Fast forward six months and the stock is touching $100 per share.
“The business has been able to surprise the market with their earnings growth and margin growth, but does this mean that the share price has run too hard?
“Looking at the chart, I can see a stock that is still trending in a very sustainable way.
“After breaking to new highs in March, WTC shares then eased back and found some good buying support on top of the old high from 2023.
“The pullback was fairly shallow, and this was a good sign of strength.
“It then quickly broke to a new high to confirm the uptrend was still in place.
“It is a bullish sign when a stock makes a new high as they are more likely to continue going on to make new highs,” Michael said.
WiseTech (WTC)
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