- $2.13 is Dolby Laboratories's largest daily jump in 6 weeks.
- Price action oscillating around key resistance at $84
After closing yesterday at $81.82, the US audio specialist went up to $84.8 only to drop back some of the way, and is now trading at $83.95.
Trading mostly sideways for a month. After hitting an important low of $63.44 approximately 6 months ago, the US audio specialist has bounced back 28.97% since.
Dolby Laboratories, Inc. made an initial breakout above its 50 day Simple Moving Average at $83.2, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $83.46 by around 48.728 cents with prices hammering out a $83 – $84.8 session range. Dolby Laboratories's lower Bollinger Band® is at $81.48, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Dolby Laboratories might continue pointing upwards in the short term.
Fundamental indicators – United States Average Hourly Earnings came out at 0.5%, better than analyst estimates of 0.3% and improving upon the previous reading of 0.3%.
A look at other communication services stocks also shows bullish price action as T-Mobile is up 1.41%. Alphabet gained 0.64%, currently at $105.88. Verizon added 0.58% to its value, now trading at $37.56.