BT Share Price News– Page 7 of 8

The BT share price has been under intense pressure lately. The stock tumbled to the lowest level since May 21 after the company published relatively weak results last week. It is trading at 174p, which is about 15% below the highest level this month. BT Group news BT is a giant telecommunication and media company in the UK. It competes with the likes of TalkTalk, Vodafone, and Virgin. The firm has had a good year, with demand for its voice and internet services rising. It has also received a new big investor in the name of Patrick Drahi and expressed the desire of exiting its sports business. The company published relatively mixed quarterly and half-year results. It made a pretax profit of more than 536 million pounds in the quarter. This was higher than the median estimate of more than 480 million pounds. Its EBITDA rose from 1.81 billion pounds to 1.87 billion while its total revenue declined to more than 5.07 billion pounds. This decline was mostly because of its corporate and public sector segments. Still, there are concerns that the firm’s lucrative Openreach service will start slowing down in the second half of the year as people go back to the offices. According to Berenberg, the business will also face stiff competition from Virgin Media and O2. In their rating on Monday, the analysts left a hold target for the stock with a target of 175p. This is in the same range where it has been recently. Other analysts are relatively calm about the stock. Those at Credit Suisse expect the stock to increase of 200p. Those at JP Morgan expect it to remain at 175p while those at Barclays expect it to fall to 170p. BT share price forecast Turning to the daily chart, we see that the BT share price pulled back after it rose to 206.50p in July. It has declined by about 15% since then. This was a notable price since the July high was close to the highest level in April 2020. The stock seems to be forming the handle part of the cup and handle pattern. Also, it is in the fourth wave of the Elliot Wave. Therefore, I suspect that the stock will rebound in August. If this happens, the key reference level to watch will be the July high of 206.50p. If it moves above that level, it will target the next psychological level at 250p. However, this view will be invalidated if the price declines below the 61.8% retracement level at 167p.