- Next support is currently 46 cents away at $77.6
- Dolby Laboratories explored above its 5 day Simple Moving Average around $79.23, a potential early indicator of a new bullish phase to come
After closing the previous trading day at $79.78 and dropping to $78.05, the US audio specialist closed yesterday at $78.06. By the end of the session, Dolby Laboratories gave up a total of 2.16%.
The stock has been trending positively for about a month. The consumer audio electronics company has gained 9.63% since its lowest print of $63.44 earlier this year.
Despite being in the red so far in the current trading session, Dolby Laboratories, Inc. peaked above its 5 day Simple Moving Average around $79.23 — typically an early indicator of a new bullish trend beginning to emerge. Dolby Laboratories could begin to recover as it approaches significant support, now 46 cents away from $77.6. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Dolby Laboratories will undergo a significant bounce in the immediate term.
Dolby Laboratories was not the only decliner in the communication services sector; Alphabet lost 2.74% yesterday and closed at $97.95. Meta Platforms went down to $147.06, losing 3.08% after it closed at $151.74 yesterday.
On the other hand, positive performances could be seen by looking at other communication services stocks as Verizon traded at $41.05 after closing yesterday's trading day at $40.64 (up 1%).
Upcoming fundamentals: tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1,000,000 from the preceding figure of 533,000.