- Price action oscillating around key resistance at $66.42
- Dolby Laboratories made an initial breakout above its 21 day Simple Moving Average at $65.78, a potential indicator of a newly emerging bullish phase.
Dolby Laboratories is in the midst of a 3 day downtrend. A possible change of direction spotted from yesterday; after ending Monday at $65, Dolby Laboratories went up to $66.81 only to drop back, yet still traded well overall and closed at $65.47 yesterday.
Pointing downwards for around 2 months. Dolby Laboratories is now trading 14.07% below its 3-month high of $96.28.
Dolby Laboratories, Inc. made an initial breakout above its 21 day Simple Moving Average at $65.78, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Despite this, Dolby Laboratories could be slowing down soon; it is getting close to the resistance line and is now at $66.42, only 95 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, Dolby Laboratories might continue its downtrend in the short term.
Fundamental indicators – Consumer Confidence in United States fell short of market expectations (106.5) with a reading of 102.5, continuing the decline from the previous figure of 107.8.
This rally in Dolby Laboratories's share price coincided with other communication services stocks as Meta Platforms traded at $137.51 after closing yesterday's trading day at $129.72 (up 6%). Alphabet traded at $104.93 after closing yesterday's trading day at $102.97 (up 1.9%). Netflix traded at $291 after closing yesterday's trading day at $282.45 (up 3.03%).
Upcoming fundamentals: United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC.