Key support level at $82.11 looms for downtrending Dolby Laboratories; currently 34 cents away

• Price action honing in on likely support at $82.11

Having fallen $1.21 in 4 days, Yesterday's session continued down the same path: after closing the previous trading day at $83.51 and dropping to $82.42, the US audio specialist closed yesterday at $82.45. By the end of the session, Dolby Laboratories gave up a total of 1.27%.

The stock has been trending positively for about 2 months. This year has been a bright one for the consumer audio electronics company after trading as low as $63.44 and going on to appreciate by 15.81% year to date.

Chart analysis indicates Dolby Laboratories, Inc. could begin to recover as it approaches significant support, now 34 cents away from $82.11. Dipping below could be an indication that further losses are ahead.

Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.

Dolby Laboratories was not the only decliner in the communication services sector; Verizon went down to $39.2, losing 2.54% after it closed at $40.22 yesterday. Alphabet went down to $92.05, losing 2.69% after it closed at $94.59 yesterday. Comcast dips 3.27% yesterday to close at $39.12.

Upcoming fundamentals: United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC.