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June 03, 2023
Yesterday at a glance: JBG SMITH ended Thursday's session at $14.09. yesterday started with an increase to $14.94, but dropped back and closed at $14.61.
JBG SMITH's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
On the flip side, United States Average Hourly Earnings published yesterday at 12:30 UTC came out at 0.3%, falling short of the 0.4% projections and continuing its decline from the previous 0.4% figure. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
JBG SMITH Properties made an initial breakout above its 21 day Simple Moving Average at $14.58, a potential indicator of a newly emerging bullish phase. Crossed the $14.51 Fibonacci level, next level is at $15.06. On the other hand, note that although JBG SMITH is appreciating today after rising as high as $14.94, price action is now slowing and consolidating around 32 cents below the $14.93 resistance level.
Overall, looking at the technical analysis landscape, it seems JBG SMITH might continue pointing upwards in the short term.
A look at other real estate stocks also showed bullish price action as ProLogis traded at $124.92 after closing yesterday's trading day at $122.64 (up 1.86%).
The US REIT has fallen back around 47.56% from the significant high of $26.87 set 11 months ago.
