5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had another good session and stormed higher. The benchmark index rose 0.55% to 8,495.2 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set for a subdued session on Wednesday following a mixed night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% lower. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is flat, and the Nasdaq is 0.2% higher.

Oil prices charge higher

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a great session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$70.10 a barrel and the Brent crude oil price is up 2.7% to US$73.78 a barrel. Oil prices raced higher ahead of the upcoming OPEC+ meeting this week.

WiseTech named as a buy

WiseTech Global Ltd (ASX: WTC) shares could be in the buy zone according to analysts at Goldman Sachs. In response to its investor day update, the broker has reiterated its buy rating and $138.00 price target. It said: "Detailed product presentations highlighted the opportunity to deliver significant long-term growth – all of which could be material drivers if successful. […] Current operating momentum remains strong – with WTC believing it has passed the tipping point for customer adoption in Asia."

Gold price edges higher

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.3% to US$2,665.3 an ounce. This was driven by the release of US economic data that was supportive of the precious metal.

Buy ALS shares

Analysts at Bell Potter think that ALS Ltd (ASX: ALQ) shares could be in the buy zone right now. This morning, the broker has initiated coverage on the testing services company with a buy rating and $17.30 price target. It said: "We see compelling value in ALQ as an investment leveraged to increasing societal demands for green environmental testing practices, stringent enforcement of PFAS remediation and monitoring programs and a recovery in global exploration testing volumes and regional (European) CRO activity."

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in WiseTech Global and Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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