- Price action honing in on likely support at $83.11
- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
Having lost $2.97 over 7 days, A slight improvement can be seen from yesterday's session: a mostly flat day so far for the US audio specialist, range-bound between $83.2 and $83.85 and currently at $83.39.
The stock has been trending positively for about a month. The US audio specialist has gained 17.36% since its lowest print of $63.44 earlier this year.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Despite this, Dolby Laboratories is approaching key support, around 28 cents away from $83.11. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Dolby Laboratories is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other communication services stocks as Meta Platforms was up 3.03%. Netflix traded at $358.57 after closing yesterday's trading day at $347.36 (up 3.23%). Comcast traded at $39.09 after closing yesterday's trading day at $38.36 (up 1.9%).
Upcoming fundamentals: United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released today at 13:30 UTC.