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April 11, 2023
- Next support is currently 33 cents away at $83.94
- Dolby Laboratories made an initial breakout above its 10 day Simple Moving Average at $84.4, a potential indicator of a newly emerging bullish phase.
Following 14 days of flat trade, Pointing in a similar direction, today's session was more of the same — without a clear direction, Dolby Laboratories closed at $84.27 while ranging between $84.06 and $84.84.
The consumer audio electronics company has managed to gain 18.83% so far this year despite trading at lows around $63.44 previously.
Chart analysis suggests Dolby Laboratories, Inc. is approaching key support, around 33 cents away from $83.94. 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. Trend-focused traders would be interested to note that Dolby Laboratories made an initial breakout above its 10 day Simple Moving Average at $84.4, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Dolby Laboratories's upper Bollinger Band® is at $86.3, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Dolby Laboratories will remain range-bound for the immediate future.
Fundamental indicators – United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million.
Meanwhile, mixed performances were seen by other communication services stocks as Alphabet went down to $106.12, losing 0.78% after it closed at $106.95 today. AT&T added 0.61% to its value, and traded at $19.69. Verizon traded at $39.45 after closing today's trading day at $39.35 (up 0.25%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.
