Key support level at $82.5 looms for downtrending Dolby Laboratories; currently 29 cents away

• Price action honing in on likely support at $82.5
• Price action is currently stuck around the active Fibonacci support level of $82.73

Dolby Laboratories's downtrend has seen it decline 2.06% in 7 days More of the same from yesterday's session: pronounced bearish sentiment in the market pushed the consumer audio electronics company into a notable 0.49% slide yesterday, falling 41 cents and ultimately closing at $82.79.

Trading mostly sideways for 3 months. The consumer audio electronics company has appreciated 20.54% over the past six months.

Dolby Laboratories, Inc. formed a session range of $82.59 to $83.27 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $82.73. Dolby Laboratories's upper Bollinger Band® is at $84.97 which indicates a further downward move may follow. In contrast, Dolby Laboratories could begin to recover as it approaches significant support, now 29 cents away from $82.5. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Dolby Laboratories peaked above its 21 day Simple Moving Average around $83.1 — typically an early indicator of a new bullish trend beginning to emerge.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Dolby Laboratories.

Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (329,000) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million.

On the other hand, positive performances could be seen by looking at other communication services stocks as Alphabet was up 2.15%. Meta Platforms was up 1.15%. T-Mobile traded at $134.34 after closing yesterday's trading day at $132.68 (up 1.25%).

Upcoming fundamentals: United States Services PMI is expected today at 13:45 UTC.