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March 10, 2023
- Dolby Laboratories hasn't been as low as $79.66 in 5 weeks and a half.
- A crossing of the lower Bollinger Band® at $80.8 suggests further losses may follow for Dolby Laboratories.
Dolby Laboratories's bearish run has lasted 5 days so far (-$1.83). Today's session continued down the same path: the consumer audio electronics company plunged into the red after losing 1.7%, declining to $80.25.
The stock has been trending positively for about 2 months. The US audio specialist has gained 14.9% since its lowest print of $63.44 earlier this year.
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. Dolby Laboratories has just crossed the lower Bollinger Band® at $80.8, indicating further losses could be forthcoming. On the other hand, note that Dolby Laboratories could begin to recover as it approaches significant support, now 64 cents away from $80.89. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Dolby Laboratories to extend its recent losses.
Fundamental indicators – data for United States Non Farm Payrolls released today at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
Dolby Laboratories was not the only decliner in the communication services sector; Alphabet closed at $91 (down 1.78%). Meta Platforms lost 1.2% today and closed at $179.51. Netflix went down 1.69%, closed at $297.78.
