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June 22, 2023
The mixed-use property REIT is trading close to the $14.2 level today, after ending yesterday at $14.71 and dropping 3.45%.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
United States Crude Oil Inventories published today at 15:00 UTC came out at -3.83 million, falling short of the 1.87 million projections and continuing its decline from the previous 7.92 million figure. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Amid the market gloom, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
JBG SMITH Properties made an initial break below its 50 day Simple Moving Average at $14.56, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $14.33, market bears have earmarked $13.9 as the next downside target. JBG SMITH pushed below the $14.4 support level and extended 20 cents beyond it.
Looking forward, JBG SMITH is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other real estate stocks as after closing the previous session (yesterday) at $120.69, ProLogis lost $2.13 and is trading around $118.56.
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
The US REIT reached a significant high of $25.44 around 10 months ago but has lost 42.2% since then.
