The BT share price is up today by over a percentage point. However, having opened with a big down gap, the share price’s true value is only up by less than 0.5 per cent. Fortunately for investors, the price is looking aggressively b8llish, and there is a high likelihood that we may see the bullish trend continue throughout the session.
However, putting today’s share price gains into perspective is important. Before today, The BT share price was on a five consecutive and aggressive push to the downside, which had seen its prices drop by 14 per cent at its lowest. Since July 13, BT’s share price has also been in a long-term and aggressive bearish trend, which saw its price drop by 21 per cent at its lowest level.
The price drop comes amidst new data showing the company’s sales growth for the first time in five years. According to reports, part of this growth was due to customers signing up for fibre optic connections. However, inflation and tariff prices also significantly impacted the growth.
BT Share Price Analysis
Despite posting good numbers, part of the reason we are seeing the current drop in share prices is what is happening within the company. Today, the company’s workers will enter the second day of their strike after the company and its workers disagree on salary increases.
These interruptions of services and the investors’ sentiments about the company changing may contribute to the current aggressive downward move of its share prices. So despite today’s move to the upside, my analysis is still to the bottom, and there is a high likelihood that we might see prices trading below the 150p price level.
However, if the prices exceed 150p, my analysis will be invalidated. It will also mean that a bullish trend is in the offing.
BT Daily Chart
