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Closing Bell Technical Review | Dolby Laboratories maintains neutral outlook despite adding 2.92% yesterday

17 March 2023

DLB

The CCI indicator has fallen below -100 – a bearish signal
Market bulls strengthened by lower Bollinger Band® currently at $80.29

Dolby Laboratories rose $2.33 to close at $82.19 yesterday which makes for a move of 2.92%.

Trending downwards for around a month. Approximately a month ago, the consumer audio electronics company reached a significant high of $86.41 but has struggled to hold onto its gains and declined 7.58% since then.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Dolby Laboratories's lower Bollinger Band® is at $80.29, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests Dolby Laboratories is likely to remain muted for the immediate future, with no clear-cut direction.

This rally in Dolby Laboratories's share price coincided with other communication services stocks as Alphabet gained 4.68%, as it traded at $101.07. Meta Platforms was up 3.63%.

While Dolby Laboratories was bullish yesterday, the following communication services stocks underperformed: Verizon closed at $36.58 (down 1.3%).

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