LONDON, UK - APRIL 25TH 2017: The homepage of the official website for EE, the British mobile network operator, on 25th April 2017.
BT (LON: BT.A) share price has faced another rejection from a critical level. The 148p level has been repeatedly mentioned in my previous analysis due to multiple confluences. If bulls don’t step in, the bears may target a 7% downside from here.
After multiple attempts to break out, BT shares dropped 1.60% on Monday. This marks the third red day for the shares of the telecom giant amid a sideways FTSE 100 index. After a strong bounce in March 2023, the UK shares are not looking very strong right now.
According to the latest BT Group plc news in its latest financial report, the group CEO has volunteered to waive off any salary increases beyond 2024. This sets the group CEO Philip Jansen’s salary at the current rate of 1.1 million on a rolling basis till his retirement.
In other news, Ofcom has finally approved Openreach’s pricing offer for full-fiber broadband. The British regulator had earlier withheld its decision on the pricing due to concerns raised by the rival altnets. The company recently released its earnings report for the period ending on March 2023.
The report showed that the pre-tax profit dropped to GBP 1.73 billion from the last year’s GBP 1.96 billion. BT share price reacted negatively to the latest financial report, as the revenue fell from last year.
After multiple attempts, LON: BT.A has still failed to break out above the 148p resistance level. The following chart reveals that one of the most critical levels on the chart is the 148p level. This level has been acting as resistance since September 2022. A rejection from this level has opened the door to a retest of the 135p support level.
BT share price forecast can only avoid a bearish outlook if it breaks above 148p. The most likely scenario appears to be another retest for the 135p, a major support level that lies close to the 200-day moving average.
In the meantime, I’ll keep sharing updated BT stock price forecasts and my personal trades on my Twitter where you are welcome to follow me.
This post was last modified on Jun 12, 2023, 15:56 BST 15:56