ASX 200 looks to recover

• ASX 200 was slightly positive on Wednesday as we continue to see support just below.
• Tariff tensions seem to be easing a bit.
• ASX 200 remains in consolidation but looks bullish over the longer term.

The ASX 200 edged higher on Wednesday, but what stands out is the hammer candlestick formations on both Monday and Tuesday, signalling a “buy on the dips” sentiment. This suggests traders are still willing to step in at lower levels. However, global markets remain mixed, adding some hesitation. Until we see a strong, high-volume move in either direction, the ASX 200 may remain in “wait and see” mode.

Source: TradingView, ASX Chart, 6 February 2025  

ANZ Group Holdings Limited (ANZ)

ANZ Group Holdings Limited had a slightly positive day, gaining 0.13%, as we continue the bounce that we have seen over the last year, now at a 9.99% gain. The financial giant continues to hover near the key AU$30 level, a psychologically significant area with strong historical activity. Volume remains steady, suggesting the market is digesting recent movements. Notably, ANZ repurchased 330,000 ordinary shares, which may be providing some underlying support.

Source: TradingView, ANZ Chart, 6 February 2025   

Wisetech Global Limited (WTC)

Wisetech Global Limited climbed up 1.85% during the session on Wednesday, continuing its impressive uptrend with a 73.89% gain over the past year and 1.78% in the last month. The stock is attempting to break out of a major consolidation zone, with the AU$130 level acting as key resistance. Volume remains relatively muted, indicating a potential period of consolidation ahead of its earnings on 26 February, where estimates stand at AU$0.5180 EPS and AU$606.32 million in revenue.

Source: TradingView, WTC Chart, 6 February 2025   

Woodside Energy Group Limited (WDS)

Woodside Energy Group Limited rose 1.77% during Wednesday’s trading session, continuing its recovery from a significant decline over the past year, which totals a 23.26% loss. Over the last month, the stock has slipped 1.67%, as the market continues to build a bit of a basing pattern after a massive selloff previously. Currently, it hovers around the 50-day EMA, moving sideways on steady volume. The upcoming earnings and revenue report on 25 February is expected to show estimated earnings of AU$1.069 and revenue of AU$11.23 billion. With a dividend yield of around 1%, the stock may attract some income-focused traders.

Source: TradingView, WDS Chart, 6 February 2025  

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