Back near 2020 lows, but earnings showed an uptick in revenue and growth. Is this stock still searching for a bottom?

Taking a look at BT Group after JPMorgan believes its stock has worthy risk-reward potential. Currently, its shares are trading at around £1.08 a share, and we can see that they are once again approaching the lows of 2020. The 2020 low sits at £0.94, which in theory offers great support here for the stock. Nevertheless, a break below could see the share price slip into the area marked by the oval. Ideally, this area could be the centre of consolidation before any upside is likely. Further support sits at £0.70, which is the low of 2009. Only a break below this level may erase the likelihood of a bounce back in BT’s shares. The media company reported better-than-expected earnings for Q3 at the start of the month, highlighting an uptick in revenue and growth. The company reiterated that after the results they are more on track to reach their 2024 targets, offering positive guidance for investors.  The resistance targets here upon signs of consolidation read £1.37 then £1.61 and then the area of £1.96-£2.00. Looking at the technical indicators, both the MACD and RSI remain negative. However, the MACD volume is thinning, which sometimes can be a sign that momentum towards a particular direction is fading. The RSI reads 39, an uptick above 45 would offer a greater risk-reward, indicating a build of momentum towards the upside.