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June 07, 2023- Dolby Laboratories is eyeing $82.62 as its nearest support level
- Dolby Laboratories made an initial breakout above its 50 day Simple Moving Average at $83.74, a potential indicator of a newly emerging bullish phase.
While Dolby Laboratories is on a 6 day uptrend Today's session put the brakes on the ongoing uptrend — without a clear direction, Dolby Laboratories closed at $82.95 while ranging between $82.38 and $83.91.
Trading mostly sideways for 2 months. The US audio specialist has recovered 30.8% since descending to a significant low of $63.44 around 7 months ago.
Trend and momentum analysis indicates that Dolby Laboratories, Inc. made an initial breakout above its 50 day Simple Moving Average at $83.74, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Dolby Laboratories's upper Bollinger Band® is at $85.06, suggesting that a downward move may follow. Technical chart analysis shows Dolby Laboratories is oscillating around the $82.62 level serving as support.
Overall, while Dolby Laboratories has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.
Meanwhile, mixed performances were seen by other communication services stocks as Alphabet went down to $122.94, losing 3.89% after it closed at $127.91 today. AT&T traded at $16.1 after closing today's trading day at $15.67 (up 2.74%). Meta Platforms lost 2.77% today and closed at $263.6.
Upcoming fundamentals: United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released tomorrow at 12:30 UTC.
