| 
June 13, 2023- Dolby Laboratories could slow down as it approaches resistance at $84.55
- Known Fib level $83.77 serving as battleground for bulls and bears
Dolby Laboratories has posted further gains as part of a 10 day trend that has already seen the stock gain $2.03. Dolby Laboratories pointed in the same direction yesterday: the consumer audio electronics company went up to $84.16, gaining 1.29%.
Trading mostly sideways for 2 months. This year has been a bright one for the US audio specialist after trading as low as $63.44 and going on to appreciate by 18.73% year to date.
Dolby Laboratories, Inc. made an initial breakout above its 50 day Simple Moving Average at $83.72, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Dolby Laboratories is oscillating around the key Fibonacci resistance level of $83.77. On the other hand, note that Bollinger Band® analysis indicates that current price action is approaching the upper band at $84.48, thereby suggesting that Dolby Laboratories is becoming overvalued. Dolby Laboratories could be slowing down soon as it approaches resistance at $84.55. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if Dolby Laboratories likely to continue pointing upward in the short term.
Fundamental indicators – United States Federal Budget Balance (May) released yesterday at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion.
This rally in Dolby Laboratories's share price coincided with other communication services stocks as Meta Platforms was up 2.3%. Alphabet gained 1.2%, as it traded at $124.35. Comcast added 1.14% to its value, and traded at $40.69.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
