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March 02, 2023
As the current session draws to a close, the US REIT is hovering around the $16.93 level after closing yesterday at $17.05 and dropping by 0.7%.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Initial Jobless Claims published today at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Following today's trading session, chart analysis suggests although JBG SMITH Properties is down today and was as low as $16.77, it seems to be recovering slightly and climbing away from the $16.82 support line and is now 11 cents above it. With regards to technical trend indicators, chart analysis show 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. Momentum evaluation shows that the Relative Strength Index indicates JBG SMITH is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $16.68, a low enough level to, generally, suggest that JBG SMITH is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates JBG SMITH will remain range-bound for the immediate future.
Positive performances can be seen by looking at other real estate stocks as ProLogis is trading at $124.11 after ending yesterday's session at $121.13 (up 2.46%).
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
The mixed-use property REIT has fallen back around 43.09% over the past 11 months, from a notable high of $29.96.
