- Dolby Laboratories is currently alternating around $75.21 with price action moving above and below this key level throughout the session.
- Dolby Laboratories looks below $75 (5 day Simple Moving Average) as signpost for new negative trend
Dolby Laboratories shed 1.98%, falling to $74.15.
The stock has been trending positively for about a month. Having set a significant high of $96.28 a month ago, the US audio specialist is trading 19.25% lower.
Dolby Laboratories, Inc. made an initial break below its 5 day Simple Moving Average at $75, a possible indication of a forthcoming negative trend.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Dolby Laboratories to extend its recent losses.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3.
Dolby Laboratories was not the only decliner in the communication services sector; Meta Platforms closed at $114.12 (down 6.79%). Alphabet went down 2.56%, closed at $99.87.
On the other hand, positive performances could be seen by looking at other communication services stocks as AT&T gained 2.24%, as it traded at $19.17.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.