Dolby Laboratories's prevailing uptrend hits the buffers

• Next support is currently 56 cents away at $83.42
• Fibonacci support at $83.77 holds firm with prices springing 21.316 cents

Though in the midst of a 14 day uptrend, gaining a total of 3.6%, ($3.16), Friday's session suggests run might be coming to an end — grinding lower but with no clear-cut direction, the US audio specialist closed the session at $84 after forming a distinct $83.53 – $84.75 range.

Trading mostly sideways for 2 months. 8 months ago, the US audio specialist fell to a low of $63.44 but has since recovered 32.76%.

Dolby Laboratories, Inc. made an initial break below its 50 day Simple Moving Average at $83.66, a possible indication of a forthcoming negative trend. Dolby Laboratories's upper Bollinger Band® is at $84.93 which indicates a further downward move may follow. In contrast, Dolby Laboratories could begin to recover as it approaches significant support, now 56 cents away from $83.42. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Dolby Laboratories to extend its recent losses.

Dolby Laboratories was not the only decliner in the communication services sector; Netflix went down to $431.96, losing 3% after it closed at $445.27 Friday. Alphabet went down to $124.06, losing 1.38% after it closed at $125.79 Friday. T-Mobile stumbles 1.38% Friday to close at $132.76.