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February 22, 2023
Yesterday at a glance: in yesterday's bearish session, the mixed-use property REIT shed around 2.83% in quick fashion, found support around the $18.04 level and finally closed at $18.2. In contrast, the day's events followed Friday's session in which the stock closed at $18.73.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Technical chart analysis shows although JBG SMITH Properties is pointing down today (was as low as $18.04), it's climbing away from the $17.92 support line and is now 28 cents above it. 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. According to asset volatility analysis, JBG SMITH's lower Bollinger Band® is at $18.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests JBG SMITH has no clear-cut direction.
JBG SMITH was not the only decliner in the real estate sector; ProLogis retreats 1.47% yesterday to close at $125.32.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Having set a significant high of $29.96 10 months ago, the mixed-use property REIT is trading 37.48% lower.
