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May 12, 2023
- Dolby Laboratories is eyeing the $83.78 support level
- Price action is currently stuck around the active Fibonacci support level of $83.93
Dolby Laboratories has been losing ground for 3 days, shedding a total of 1.51% of its value. A slight improvement can be seen from today's session: after dropping down to $83.61, the US audio specialist recovers some losses and is currently trading at $84.15.
The stock has been trending positively for about a month. 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 18.42% year to date.
Dolby Laboratories, Inc. made an initial break below its 21 day Simple Moving Average at $84.07, a possible indication of a forthcoming negative trend. Having stamped out a session range of $83.61 to $84.19, Fibonacci-inclined Dolby Laboratories traders were highly concentrated around active Fibonacci support at $83.93. Dolby Laboratories's upper Bollinger Band® is at $86.04, suggesting that a downward move may follow. On the other hand, note that Dolby Laboratories is oscillating around the $83.78 level serving as support.
Despite the market lacking direction, technical chart analysis strongly suggests Dolby Laboratories is positioned for a downward move in the near term.
Fundamental indicators – United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%.
Meanwhile, mixed performances were seen by other communication services stocks as Alphabet traded at $117.92 after closing today's trading day at $116.9 (up 0.87%). Netflix lost 1.41% today and closed at $339.89. T-Mobile traded at $144.12 after closing today's trading day at $142.7 (up 1%).
