Key support level at $81.67 looms for downtrending Dolby Laboratories; currently 38 cents away

• Price action honing in on likely support at $81.67
• The lower Bollinger Band® is currently at $80.11 while the higher band is at $86.18

Having lost $2.76 over 8 days, A slight improvement can be seen from yesterday's session: although Dolby Laboratories increased from $81.96 to $82.56, the stock dropped back and is now priced at $82.05.

The stock has been trending positively for about 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 15.5% year to date.

Technical analysis shows that Dolby Laboratories, Inc. is approaching key support, around 38 cents away from $81.67. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Concerning technical analysis and more specifically, trend indicators, Dolby Laboratories made an initial break below its 3 day Simple Moving Average at $82.35, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Dolby Laboratories's upper Bollinger Band® is at $86.18 and the lower is $80.11.

The current technical outlook indicates Dolby Laboratories will continue to ebb sideways within tight ranges for the immediate future.

Fundamental indicators – highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%.

Meanwhile, mixed performances were seen by other communication services stocks as Netflix was up 1.85%. AT&T went down to $19.03, losing 1.09% after it closed at $19.24 yesterday. Alphabet added 0.84% to its value, and traded at $90.1.

Upcoming fundamentals: tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.