BT Group #Gold #SP500 BT are a share with a painfully obvious uptrend since the market crash of 2009. Equally, the price has taken a hammering since the Brexit vote of 2016 with the share eventually achieving a logical bottom at 200p. The period since has tended mirror UK political confusion with the share price not knowing what to do!
The immediate situation is fairly straightforward, if somewhat worrying. Unless the price manages above 237p, it’s trading in a region where weakness now 214p below indicates coming reversal to a pretty tame looking 205p. If broken, our secondary calculation rings alarm bells at 190p.
We’ve a big problem, if 190p opts to make a guest appearance!
Visually, this will present a Lower Low. Worse, it takes the price firmly into a zone where longer term reversal to 99p becomes a very distinct possibility. We would, however, expect a bounce at 99p due to the price coming close to the worst of “the crash” of 10 years ago.
What happens if it somehow manages above 237p? It appears slight recovery to an initial 243p is possible. If exceeded, our secondary calculates at 264p, along with some almost certain hesitation as the price matches some prior highs.
For now, like politics, it’s complicated…