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March 05, 2023- Price action is gradually approaching a key resistance hurdle at $83.79
- Dolby Laboratories made an initial breakout above its 21 day Simple Moving Average at $83.28, a potential indicator of a newly emerging bullish phase.
Dolby Laboratories has posted further gains as part of a 6 day trend that has already seen the stock gain 99 cents. Dolby Laboratories lived up to expectations Friday by maintaining its set course — Dolby Laboratories ended Thursday at $82.95. Friday it went up to $83.62 only to drop back, yet still managed to close at $83.47.
The stock has been trending positively for about 2 months. The consumer audio electronics company has managed to gain 17.61% so far this year despite trading at lows around $63.44 previously.
Dolby Laboratories chart analysis: Dolby Laboratories, Inc. is 32 cents away from testing key resistance at $83.79. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that Dolby Laboratories made an initial breakout above its 21 day Simple Moving Average at $83.28, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $85.05, thereby suggesting that Dolby Laboratories is becoming overvalued.
Notwithstanding Dolby Laboratories's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other communication services stocks also showed bullish price action as Meta Platforms traded at $185.25 after closing Friday's trading day at $174.53 (up 6.14%). Alphabet added 1.85% to its value, and traded at $94. AT&T gained 0.8%, as it traded at $18.81.
