BT (LON: BT.A) share price UK has soared to a new yearly high once again. This also means the highest level for the shares in the past seven months. The shares have also broken above a key resistance of 147.3p which shows that the bulls are constantly gaining momentum. However, the shares of Britain’s major telecom operator need to close a week above this level to aim for further upside.
BT shares have been surging since the start of this year. In 2023, the stock has been up more than 32% so far. Since bottoming out in December 2022, the shares have surged for three consecutive months. After a sharp pullback in March, the shares had a strong rebound and hit a new YTD high last week.
BT plc is the largest broadband services provider in the UK. The company boasts more than 9 million users. Recently the alternative networks also known locally as ‘altnets’ have accused BT of choking the competitors with its latest wholesale prices. One altnet has even called for a breakup of the former state monopoly in order to maintain a healthy and competitive environment.
BT share price has been one of the top performers in the FTSE 100 index this year. In Q1, the shares generated a return of 22.6% which makes it the 3rd best-performing FTSE 100 stock behind only Rolls-Royce and JD Sports Fashion.
Despite a strong upwards rally, LON: BT.A chart shows one key level that the price must reclaim to unlock more upside. This is the psychological level of 150p. The presence of September 2022 and the recent rejections from this region have turned it into a major resistance. The moment BT stock flips this level into resistance, I expect a strong rally till 194p.
In case of another rejection from the resistance, BT share price may drop to 137p, where lies strong support. Just above this support level, there is 200-day MA at 140p, which might also result in a strong bounce.
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This post was last modified on Apr 11, 2023, 07:40 BST 07:40