BT share price has staged a strong recovery in the past few months, jumping more than 30% from its lowest level in December 2022. The stock has gained 4.77% in the past week and more than 29% in the year to date. At press time, the British stock was trading 1.77% higher at 146.9p.
BT Is Rallying
BT Group Plc is a British telecommunications holding company headquartered in London. The company engages in the provision of communications services. It operates in more than 180 countries and is the largest provider of fixed-line, broadband, and mobile services in the UK. BT operates through its subsidiaries including, BT Global Services which supplies telecoms services to government customers and corporations worldwide, and BT Consumer which supplies telephony, broadband, and TV subscription services in the UK.
BT share price has made a strong comeback in the past few months as investors buy the dip and as UK stocks inch higher. Investors have been focusing on the company’s turnaround strategy amid its recent performance. The company has accelerated the deployment of its fibre network in the UK, giving it a clear edge over its competitors.
Even so, Britain’s telecoms regulator announced on Friday that it needs more time to consider BT’s wholesale pricing. The announcement followed comments by the company’s boss that its network’s expansion will “end in tears” for its competitors.
BT missed the launch of its Equinox 2 pricing scheme scheduled for April 1 due to the lack of clearance by Ofcom. The company’s rivals such as Virgin Media O2 and alternative providers, known as altnets have been investing billions of pounds in building competing networks.
BT Share Price Outlook
The daily chart shows that the BT share price has been on a bullish uptrend for the past few weeks. Along the way, the stock has managed to move above the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher into the neutral zone.
Therefore, the BT share price is likely to continue rising as buyers eye the next important resistance level at 154.50p. the next stop-loss will be at 139.30p.