- Bearish mood sees Dolby Laboratories flirting with support target at $69.29
- Dolby Laboratories's upper Bollinger Band® is at $71.07 which indicates a further downward move may follow.
Though in the midst of a 9 day uptrend, gaining a total of 7.22%, ($5.42), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Dolby Laboratories has almost recovered all its losses from a previous close of $70.82 after dipping down to $69.56 yesterday.
The stock has been trending positively for about a month. Dolby Laboratories is now trading 11.63% above the significant low ($63.44) it slumped to a month ago.
Dolby Laboratories's notable support and resistance levels: although Dolby Laboratories, Inc. is down today and was as low as $69.56, it seems to be recovering slightly and climbing away from the $69.29 support line and is now 83 cents above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Dolby Laboratories's upper Bollinger Band® is at $71.07 which indicates a further downward move may follow.
Overall, while Dolby Laboratories has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.92 million to -5.4 million this month.
Dolby Laboratories was not the only decliner in the communication services sector; Meta Platforms went down to $113.23, losing 3.29% after it closed at $117.08 yesterday. Netflix went down 1.35%, closed at $310.2. Comcast closed at $33.98 (down 0.88%).
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Nov) scheduled to come out today at 13:30 UTC.