- Dolby Laboratories could slow down as it approaches resistance at $86.55
- Upper Bollinger Band® currently at $86.56
Dolby Laboratories has posted further gains as part of a 16 day trend that has already seen the stock gain $2.39. Yesterday's session pointed in the same direction — after ending Wednesday at $84.45, the US audio specialist spiked to $86.09 and closed yesterday at $85.91 — gaining 1.73% overall.
The stock has been trending positively for about 29 days. The consumer audio electronics company has gained 21.35% since its lowest print of $63.44 earlier this year.
Dolby Laboratories, Inc. made an initial breakout above its 10 day Simple Moving Average at $84.6, a potential indicator of a newly emerging bullish phase. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $86.56, thereby suggesting that Dolby Laboratories is becoming overvalued. Dolby Laboratories could be slowing down soon as it approaches resistance at $86.55. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Dolby Laboratories likely to continue pointing upward in the short term.
Fundamental indicators – Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.
This rally in Dolby Laboratories's share price coincided with other communication services stocks as Netflix traded at $346.19 after closing yesterday's trading day at $331.03 (up 4.58%). Alphabet traded at $108.19 after closing yesterday's trading day at $105.22 (up 2.82%). Meta Platforms gained 2.97%, as it traded at $220.35.
Upcoming fundamentals: today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%.