BT share (LON: BT.A) price has been trading sideways for the past few weeks. The shares have slightly bounced, as I forecasted in my last analysis. However, this hasn’t been a significant bounce as I anticipated. There is still a chance of a breakdown as the bulls are lacking momentum.
The benchmark FTSE 100 index is on track for the sixth green week in a row. While the index has risen to a fresh 8-week high, BT shares have failed to show a similar increase. The shares of the telecom giant slid 0.37% on Tuesday after gaining 2.27% on Monday.
BT PLC Plans To Transfer Job Away From Suffolk
According to the latest BT plc news, the company intends to reduce its presence in Adastral Park in Martlesham. As per the reports, the redeployment plan is expected to affect around 11,000 roles. The staff seems to have been informed about the transfer but without proper details.
BT share price has been in a tailspin since hitting its yearly peak in April 2023. Since then, the shares have plunged 22.37%, which indicates a strong sell-off. In other news, BT is now delivering fast and reliable internet on Lundy for the first time via Low Earth Orbit (LEO) satellite.
BT Share Price Must Hold 118p
As I have repeatedly mentioned in my previous forecasts, LON: BT.A needs to hold 118p support level. Due to the lack of upward momentum, the shares may retest this level in the coming weeks. A break below this level will make the BT share price forecast very bearish while putting the downward target of 111p on the cards. To flip bullish once again, the stock needs to break above 134p.
A deeper look into the FTSE 100 companies suggests that the recent rise in the index can be attributed to the rise in energy stocks. This also shows that the borders UK equity market is still experiencing liquidity issues. While inflation has decreased significantly in the past couple of months, interest rates are likely to remain elevated for the foreseeable future.
In the meantime, I’ll keep sharing updated BT stock price forecasts and my personal trades on my Twitter, where you are welcome to follow me.
