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May 23, 2023- Dolby Laboratories is eyeing the $82.96 support level
- Dolby Laboratories explored above its 50 day Simple Moving Average around $83.55, a potential early indicator of a new bullish phase to come
Dolby Laboratories's bearish run has lasted 9 days so far (-$1.84). Yesterday's session continued the recent downtrend: the US audio specialist has recovered almost all of its session losses after dipping down to $83.05 yesterday.
Trading mostly sideways for 2 months. Dolby Laboratories hit a significant low of $63.44 around 7 months ago, but has since recovered 31.78%.
Trend-focused traders would be interested to note that despite being in the red so far in the current trading session, Dolby Laboratories, Inc. peaked above its 50 day Simple Moving Average around $83.55 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Dolby Laboratories's upper Bollinger Band® is at $85.23 which indicates a further downward move may follow. Dolby Laboratories chart analysis: Dolby Laboratories could begin to recover as it approaches significant support, now 42 cents away from $82.96. Dipping below could be an indication that further losses are ahead.
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 added 2.13% to its value, and traded at $125.87. T-Mobile gained 1.85%, as it traded at $141.6. Meta Platforms traded at $248.32 after closing yesterday's trading day at $245.64 (up 1.09%).
Upcoming fundamentals: United States Crude Oil Inventories expected to decline to -920,000 while its preceding data was 5 million, data will be available tomorrow at 14:30 UTC.
