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June 26, 2023
Friday at a glance: after closing the previous trading day at $14.1 and dropping to $13.51, the US REIT closed Friday at $13.58. By the end of the session, JBG SMITH gave up a total of 3.69%.
Technical chart analysis shows JBG SMITH Properties could begin to recover as it approaches significant support, now 25 cents away from $13.33. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that JBG SMITH's lower Bollinger Band® is at $13.45, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates JBG SMITH will remain range-bound for the immediate future.
JBG SMITH was not the only decliner in the real estate sector; ProLogis went down to $116.9, losing 1.48% after it closed at $118.66 Friday.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%, having previously been at -0.3%. The figure will be published tomorrow at 12:30 UTC.
Furthermore, United States Building Permits is expected tomorrow at 12:00 UTC. United States New Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
3 days ago, the mixed-use property REIT fell to a low of $13.58 but has since recovered 3.83%.
