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April 06, 2023- Dolby Laboratories drawing closer to significant resistance at $84.82 with potentially further upside ahead
- The lower Bollinger Band® is currently at $79.37 while the higher band is at $86.34
Dolby Laboratories has posted further gains as part of an 11 day trend that has already seen the stock gain $2.33. Heading in the same direction for now — the consumer audio electronics company trades at $84.7 today, after closing yesterday at $84.39 and gaining 31.25 cents (0.37%).
The past 3 months have been positive for the consumer audio electronics company as it added 18.78% compared to its 3-month low of $63.44.
Dolby Laboratories, Inc. is 12 cents away from testing key resistance at $84.82. Peaking above this level could inspire market bulls and open the path to further gains. Dolby Laboratories's upper Bollinger Band® is at $86.34, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Dolby Laboratories is set for a reversal in the coming days.
Fundamental indicators – highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000.
This rally in Dolby Laboratories's share price coincides with other communication services stocks as Alphabet is up 3.61% to $108.74. Meta Platforms is trading at $216.2 after ending yesterday's session at $211.48 (up 2.23%).
Meanwhile, after closing the previous session (yesterday) at $342.35, Netflix lost $3.51 and is trading around $338.84.
Upcoming fundamentals: tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.
