- Price action is gradually approaching a key resistance hurdle at $72.89
- Market price rises 19 cents beyond key Fib handle of $72
Dolby Laboratories is on a 6 day bullish run gaining $3.21 (5.79%). Yesterday's session pointed in the same direction — after closing at $71.44 on Monday, Dolby Laboratories rallied as high as $72.87 but ended the day at $72.18.
The stock has been trending positively for about a month. A month ago, the consumer audio electronics company fell to a low of $63.44 but has since recovered 12.61%.
Dolby Laboratories, Inc. made an initial breakout above its 3 day Simple Moving Average at $71.69, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $72 by around 19 cents with prices hammering out a $71.43 – $72.87 session range. In contrast, Dolby Laboratories could be slowing down soon; it is getting close to the resistance line and is now at $72.89, only 71 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $73.6, thereby suggesting that Dolby Laboratories is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems Dolby Laboratories likely to continue pointing upward in the short term.
Fundamental indicators – United States GDP came out at 2.9, better than analyst estimates of 2.7 and improving upon the previous reading of 2.6.
A look at other communication services stocks also showed bullish price action as AT&T gained 1%, as it traded at $19. Meta Platforms was up 0.63%.
While Dolby Laboratories was bullish yesterday, the following communication services stocks underperformed: Alphabet went down to $95.44, losing 0.84% after it closed at $96.25 yesterday.
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC.