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July 03, 2023- Price action honing in on likely support at $83.05
- Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal
Stable at $83.53 and still trending upwards, Today's session put the brakes on the ongoing uptrend — a quiet day for Dolby Laboratories as it remained range-bound within a $83.3 – $83.96 range before closing at $83.53.
Trading mostly sideways for 3 months. Dolby Laboratories hit a significant low of $63.44 around 8 months ago, but has since recovered 31.9%.
Concerning technical analysis and more specifically, trend indicators, the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Asset volatility analysis shows that Dolby Laboratories's upper Bollinger Band® is at $85.1, suggesting that a downward move may follow. Technical chart analysis shows Dolby Laboratories is approaching key support, around 48 cents away from $83.05. 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.
Notwithstanding Dolby Laboratories's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States ISM Manufacturing PMI (Jun) released today at 14:00 UTC with a figure of 46, while the previous figure was 46.9.
Meanwhile, mixed performances were seen by other communication services stocks as AT&T gained 0.97%, as it traded at $16.11. Comcast was up 1.21%. Verizon traded at $37.36 after closing today's trading day at $37.19 (up 0.46%).
