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March 16, 2023- The CCI indicator has fallen below -100 – a bearish signal
- Lower Bollinger Band® at around $79.89
Having fallen $2.52 in 7 days, Yesterday's session continued the recent downtrend: during yesterday's session, Dolby Laboratories toiled and struggled for upward momentum before closing at $79.86. By the close, the the US audio specialist suffered a $1.09 or 1.35% loss.
Trending downwards for around a month. The US audio specialist is now trading 6.32% below the significant high of $86.41 it set around a month ago.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Dolby Laboratories's lower Bollinger Band® is at $79.89, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Dolby Laboratories will remain range-bound for the immediate future.
On the other hand, positive performances could be seen by looking at other communication services stocks as Alphabet traded at $96.55 after closing yesterday's trading day at $94.25 (up 2.44%). Netflix traded at $303.79 after closing yesterday's trading day at $294.94 (up 3%). Meta Platforms traded at $197.75 after closing yesterday's trading day at $194.02 (up 1.92%).
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Mar) is expected today at 12:30 UTC.
