BT Group within a bearish channel

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By :  ,  Financial Analyst

BT Group within a bearish channel

BT Group's board has consulted Goldman Sachs on takeover defense strategy, after its share price has dropped more than 35% in the last six months, reported Sky News citing people familiar with the matter.

From a chartist point of view, the stock price remains within a bearish channel in place since March 2020. The 20/50DMAs are heading downwards. Bollinger bands are narrowing indicating a lack of momentum. As long as 119p is resistance, the downside prevails. A break below 100.9p would open a path to see 87p (lower channel boundary). Alternatively, a push above 119p would call for a reversal up trend with 138p as target.

Source: GAIN Capital, TradingView

Related tags: Equities Stocks

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