BT Group shares face deeper downside below key moving averages
BT Group lacks any fresh corporate catalyst and the stock is continuing under pressure following a breakdown in the GBX 200 psychological level. Lack of fresh news means that wider telecommunications sector movement together with how the share price reacts at key technical levels will dictate.
In the absence of new company-specific catalysts BT-A looks more exposed to any moves that occur elsewhere in the telecommunications sector, and to its own chart picture. The fundamentals have changed little since July's results, with BT continuing with its transformation program, its build-out of full-fibre and 5G+, as management reaffirm their guidance for c. GBX2bn in normalised free cash flow in FY2027.
GBX 193.70 becomes the key short-term support
Having lost its upward momentum, the BT-A shares have moved to the bottom support boundary of their short-term trading channel which now lies at GBX193.70.
A clear breach and close below there would significantly enhance the probability of a fall back into the previously outlined GBX187-191 zone, the next support area.
A re-test and subsequent break back above the two key moving averages would represent a much better signal: the 50-day SMA is at 196.75, whereas the 200-day SMA is at 199.
Trading below 200 SMA keeps sellers in control
With little fresh corporate news to guide the market, technical signals are taking on greater importance. Falling through the GBX 200 level has tilted the short-term outlook in favor of the bears and added to pressure on the shares.
A return above GBX 200 would improve the structure, but until then the risk of further pressure toward the lower end of the current range remains elevated.
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