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May 02, 2023- $1.31 is Dolby Laboratories's largest single-day drop in 5 weeks.
- Price action breaks below important support level at $82.92
The US audio specialist is deeply in the red after losing 1.57%, trading down to $82.13.
The stock has been trending positively for about a month. The consumer audio electronics company has managed to gain 17.44% so far this year despite trading at lows around $63.44 previously.
Dolby Laboratories, Inc. fell below the $82.92 support zone and moved 79 cents beyond it; the next level of support with significant buyer interest is estimated at $82.41. Dolby Laboratories made an initial break below its 50 day Simple Moving Average at $83.22, a possible indication of a forthcoming negative trend. In contrast, Dolby Laboratories's lower Bollinger Band® is at $81.94, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Dolby Laboratories.
Fundamental indicators – United States JOLTs Job Openings (Mar) released today at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million.
Dolby Laboratories's stock value drop coincides with Verizon is trading around $37.77 (down 2.44%). AT&T is down 2.46% from the beginning of the session and now trades around $17.07. After closing the previous session (yesterday) at $107.71, Alphabet lost $2.34 and is trading around $105.37.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
