BT Share Price Pullbacks As FTSE 100 Index Shows Weakness

Summary:
• BT Share Price Forecast: Our LON: BT.A outlook remains bullish as long as the price stays above 148p. The 194p target is still on the cards.

BT (LON: BT.A) share price has been one of the best-performing stocks of 2023. Despite a pullback, the price remains 34% above its year opening, which shows that bulls have momentum on their side. However, the benchmark of UK equities, the FTSE 100, has started to show signs of weakness after hitting its all-time high this year.

If FTSE 100 Index continues to drop, then BT share price is also expected to be affected. On Wednesday, the benchmark index fell by 12 points as its constituents posted minor losses. Shares of BT were trading at 153.75p after gaining 0.2% during today’s trading session.

BT Receives £350M Contract From Scotland

According to the most recent news, BT PLC has received a public sector contract of worth up to £350 million with Scotland. As per the details, the telecom giant will enhance and future-proof the public sector connectivity in the country. In other news, BT has suspended the membership of the CBI business lobby.

Just recently, BT PLC had to delay the launch of its Equinox 2 service as OfCom delayed the fibre pricing decision after the remarks from BT CEO. The British telecom giant was accused of choking the competition by its rival network providers known as altnets. BT share price remained unaffected by the news.

BT Share Price Needs To Hold 150p

On a daily timeframe, LON: BT.A chart is looking very bullish. A closer look at the chart reveals a very critical level that may act as a line in the sand for many traders. This is the psychological level of 150p which has resulted in multiple rejections in the past. Currently, the shares are trading at 153.75p, which is well above this level.

However, if FTSE 100 index keeps dropping, another retest of the 150p level appears to be on the cards. This will be a very critical retest as a breakdown will flip BT share price forecast bearish. On the other hand, a strong bounce from this level can send the shares to 194p, which is the next major resistance on the daily chart.

In the meantime, I’ll keep sharing updated outlook on LON: BT.A in my free Telegram group that you’re welcome to join.