LONDON, UK - FEBRUARY 16TH 2018: A close-up view of the historic BT Tower in London, UK, on 16th February 2018.
BT (LON: BT.A) share price is currently recovering after a turbulent month. After a 9.6% drop during the mid of March 2023, the shares of the British telecom operator are up 5.8% from monthly lows. This also makes March the third consecutive green month for BT shares.
On Thursday, BT share price UK turned green once again and attracted a lot of buyers. Till press time, the price was up 1.15% and changed hands at 143.4p. This positive price action can also be attributed to yesterday’s daily closure above 200- the day MA.
According to the most recent BT Group news, Britain’s telecom regulator, Ofcom, is yet to make a decision on its Equinox 2 wholesale fibre pricing. The delay by the regulator means that the company won’t be able to launch Equinox 2 at its previously scheduled date of April 1. The delay comes due to regulatory concerns that the new fibre network pricing could be unhealthy for the competitors.
Nevertheless, the shares of BT Group continue to perform well. Since bottoming out in December 2022, BT share price is already 29% up from the lows. After a pullback in February, the shares rebounded in March once again. The ongoing recovery in FTSE 100 index is also a major reason behind the positive sentiment in the UK share market.
The following chart shows the LON: BT.A price action on a daily timeframe. It is clear from the chart that the price has been attempting to break above the 200 moving average since the start of this month. Despite a rejection earlier in the month, the price is once again trading above this key indicator.
Even though the shares are trading above the 200-day moving average right now, they are yet to flip it into a support. Another major level for BT share price forecast is the 147.8p resistance level from which the shares got rejected last month. A reclaim of this level might result in a massive move toward 200p.
This post was last modified on Mar 30, 2023, 11:18 BST 11:18