- Price action is gradually approaching a key resistance hurdle at $84
- Bullish streak halted at key Fibonacci level of $83.46
After finishing Wednesday at $81.95, the US audio specialist went up by 1.73% yesterday and remained at the $83.37 level.
The stock has been trending positively for about a month. This year has been a bright one for the consumer audio electronics company after trading as low as $63.44 and going on to appreciate by 17.69% year to date.
Dolby Laboratories, Inc. made an initial breakout above its 50 day Simple Moving Average at $83.27, a potential indicator of a newly emerging bullish phase. Dolby Laboratories's lower Bollinger Band® is at $82.33, indicating that the market is oversold and fertile for new buyers. In contrast, Dolby Laboratories could be slowing down soon; it is getting close to the resistance line and is now at $84, only 61 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
With all probabilities considered, today's gains in Dolby Laboratories have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
Fundamental indicators – following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%.
This rally in Dolby Laboratories's share price coincided with other communication services stocks as Meta Platforms traded at $238.56 after closing yesterday's trading day at $209.4 (up 13.93%). Comcast added 10.27% to its value, and traded at $40.27. Verizon gained 5.07%, as it traded at $38.79.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Mar) scheduled to come out today at 12:30 UTC.