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May 11, 2023
Yesterday at a glance: the mixed-use property REIT rose as high as $15.21 before giving up its gains and dropping back to $15.12 before the close on yesterday.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3% (previous figure was -0.5%).
JBG SMITH's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat the -917,000 projections, with 2.95 million.
At the same time, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $14.98, thereby suggesting that JBG SMITH is becoming overvalued. Chart analysis indicates JBG SMITH is 24 cents away from testing key resistance at $15.36. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, the technical outlook suggests JBG SMITH is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other real estate stocks also showed bullish price action as ProLogis traded at $128.08 after closing yesterday's trading day at $125.92 (up 1.72%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at projections for United States Initial Jobless Claims are set for a continuation of decline with 245,000 while previous data was 242,000; data will be released today at 12:30 UTC.
The US REIT has shed 24% over the past three months.
