- Price action is gradually approaching a key resistance hurdle at $83.79
- Dolby Laboratories made an initial breakout above its 21 day Simple Moving Average at $83.28, a potential indicator of a newly emerging bullish phase.
Dolby Laboratories has posted further gains as part of a 6 day trend that has already seen the stock gain 99 cents. Friday continued on the same track for Dolby Laboratories — Dolby Laboratories ended Thursday at $82.95. Friday it went up to $83.62 only to drop back, yet still managed to close at $83.47.
The stock has been trending positively for about 2 months. 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 17.61% year to date.
Trend and momentum analysis indicates that Dolby Laboratories, Inc. made an initial breakout above its 21 day Simple Moving Average at $83.28, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $85.05, thereby suggesting that Dolby Laboratories is becoming overvalued. A study of Dolby Laboratories's chart reveals various key levels to watch: Dolby Laboratories could be slowing down soon as it approaches resistance at $83.79. Of course, crossing it might suggest further gains are ahead.
Notwithstanding Dolby Laboratories's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other communication services stocks also showed bullish price action as Meta Platforms traded at $185.25 after closing Friday's trading day at $174.53 (up 6.14%). Alphabet added 1.85% to its value, and traded at $94. AT&T gained 0.8%, as it traded at $18.81.
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