BT share (LON: BT.A) price experienced a strong sell-off last week, dropping by 6%. However, the bulls showed up this week and initiated a slight recovery. The price is currently trading 3.5% above its weekly low, changing hands at 115p till press time.
The FTSE 100 plunged more than 1% on Friday after the UK GDP unexpectedly grew by 0.2% in the second quarter. The growth raised the chances of the Bank of England raising interest rates again in the coming months. However, despite the plunge in FTSE 100, BT shares continued to show strength the daily candle turned green after opening lower.
BT Appoints New CEO to Lead Company
The telecommunications group recently appointed Alison Kirkby as its CEO. Kirkby used to be the CEO of Telia. She endorsed BT’s plan to invest billions of pounds in a national fiber broadband network and vowed to expand 5G mobile coverage. Bt share price is trending lower since the appointment.
Additionally, BT’s revenue increased by 4% year-over-year to £5.16 billion in the first quarter of fiscal year 2023. The increase was driven by growth in the company’s fiber-enabled products, price increases in Openreach, and improved equipment trading in business.
BT Share Price Hits My Target of 111p
In my previous analysis of LON: BT.A, I accurately forecasted the downward push to the 111p support level. I had been mentioning this price target like a broken record for more than a month. As of right now, the price has bounced from that level, showing a slight recovery.
If the bulls maintain momentum, the 119p resistance level could be their next target in the coming days. This is a critical level, as it previously acted as support before the price broke last week. If the price breaks below 111p, bears may target 95p, where lies the next demand zone.
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.
