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May 18, 2023- Next support is currently 45 cents away at $82.92
- Price action breaks below known Fib level ($83.46)
A 6 day downtrend has resulted in the asset losing $2.04. A slight improvement can be seen from yesterday's session: Dolby Laboratories closed a flat day of trading at $83.37 yesterday after ending Tuesday at $83.4.
Trading mostly sideways for 2 months. Dolby Laboratories hit a significant low of $63.44 around 7 months ago, but has since recovered 31.46%.
Dolby Laboratories, Inc. made an initial break below its 50 day Simple Moving Average at $83.48, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $83.46 serving as intraday support. Dolby Laboratories's upper Bollinger Band® is at $85.32, suggesting that a downward move may follow. On the other hand, note that Dolby Laboratories is approaching key support, around 45 cents away from $82.92. 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.
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 Crude Oil Inventories came out at 5 million, better than analyst estimates of -920,000 and improving upon the previous reading of 2.95 million.
Meanwhile, mixed performances were seen by other communication services stocks as Meta Platforms gained 1.53%, as it traded at $242.49. Alphabet traded at $121.48 after closing yesterday's trading day at $120.09 (up 1.16%). Netflix added 1.86% to its value, and traded at $339.96.
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (May) is scheduled for today at 12:30 UTC.
