BT Share Price Hangs By A Thread Amid Key Retest

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Written By: Abdullah Sarwar

Nov 16, 2023, 20:18 GMT 20:18

LONDON, UK - JUNE 20TH 2015: The homepage of the official BT (British Telecom) webiste, on 20th June 2015.

Summary:

LON: BT.A Analysis: BT share price is hovering at a very critical level. A downward push from here will flip the outlook very bearish.

Despite this week’s surge in global equities, BT share price continues to experience a major sell-off. The stock is currently down 2.88% on the weekly timeframe and the outlook is not looking quite bullish.

Shares of one of the UK’s largest telecom service providers lost 1.26% on Thursday as the price retested key support. The outcome of this retest would define the price action in the coming months. The ongoing bearish price action can be attributed to the weakness in the FTSE 100 index.

While BT plc’s pension deficit has fallen to GBP 3.7 billion, it is the firm’s piling up debt that is the major cause of concern among the investors. The telecom giant’s debt had increased by GBP647 million over the year, putting the overall debt at around GBP20 billion.

Analysis of LON: BT.A higher timeframe reveals a retest of the 119p level which I forecasted a few weeks ago. The outlook on BT shares will flip very bearish of bulls fail to turn this previous resistance into a support level.

LON: BT.A Chart

This post was last modified on Nov 16, 2023, 20:18 GMT 20:18

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.