LON: BT Outlook: BT Share Price Faces The Final Obstacle Before 128p
LONDON, UK - FEBRUARY 16TH 2018: A close-up view of the historic BT Tower in London, UK, on 16th February 2018.
BT share price is having a very volatile week as the UK stock market faces increased selling pressure. As a result, the UK equities are lagging behind their US counterparts as the benchmark indices across the Atlantic stand close to their yearly peaks.
On Thursday, the UK markets are showing a minor recovery after 3 straight red days in the week. The FTSE 100 index was up 16 points at press time, but the investors remained cautious. BT shares also opened higher today, but the candle turned red as the day progressed.
At the time of writing, the stock of the telecom operator was still up 0.16% on the daily timeframe after another rejection from the 125p. This level seems to be the only resistance before the price gravitates toward 128p.
Technical analysis backs this BT share price forecast as long as the price holds the 119p support level. However, I expect strong selling pressure around 128p as a huge supply zone lies above this level.