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February 26, 2023
Friday at a glance: the US REIT hovered around the $17.81 level after closing Thursday at $18.37 and shedding 3.05%, as it reached reached Friday's session close.
Chart analysis suggests JBG SMITH Properties could begin to recover as it approaches significant support, now 10 cents away from $17.71. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that JBG SMITH's lower Bollinger Band® is at $17.66, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests JBG SMITH is likely to remain muted for the immediate future, with no clear-cut direction.
JBG SMITH was not the only decliner in the real estate sector; ProLogis closed at $121.38 (down 2.12%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
Approximately 10 months ago, the US REIT reached a significant high of $29.96 but has struggled to hold onto its gains and declined 38.68% since then.
