BT (LON: BT.A) share price is consolidating just a few points above February 2023 lows. I’ve been predicting this retest for the past few weeks like a broken record. The ongoing weakness in the UK shares can be attributed to a major pullback in FTSE 100 index, which has broken the major support level.
On Monday, British stocks showed minor gains. Till afternoon, the benchmark FTSE 100 index was up 18.7 points. BT shares were also slightly up from yesterday and were changing hands at 122.6p. The technical analysis reveals that the stock may rebound very soon.
BT Group CEO Resigns
The latest BT Group news has revealed that Philip Jansen is stepping down from the role of CEO after four years in office. The Chief Executive Officer of the Telecom giant plans to leave over the next year. There hasn’t been any significant improvement in the company during the tenure of the outgoing executive.
BT share price has remained green despite the news of the CEO’s exit. The firm has started to look for a new boss, as per the official statement from BT Group. Philip Janeson recently announced a cut to 40% of the company’s workforce.
BT Share Price Is Forming A Bottom
A look at the following LON: BT.A chart suggests at least a short-term bounce is on the cards. My downside target of 119p is almost met as the price tagged 120p today. If this level holds, the BT share price forecast may avoid a further bearish outlook.
The Relative Strength Index (RSI) and Money Flow Index (MFI) are showing bullish divergences. Such divergences often result in major relief rallies. In case of a strong bounce, the first target for the bulls will be the monthly high of 125.85p, followed by a downside retest of the 134p resistance. The invalidation of this move will be a breakdown below 118.8p.
In the meantime, I’ll keep sharing updated BT stock price forecast and my personal trades on my Twitter, where you are welcome to follow me.
