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June 30, 2023
Yesterday at a glance: an influx of buyers helped the US REIT to end the session higher around $14.71, while establishing a $14.42 to $14.72 session range yesterday.
United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.
JBG SMITH's uptick comes amid good United States macroeconomic data released during the day — data for United States GDP released yesterday at 12:30 UTC is better than expected with two, but worse than previous figure of 2.6. United States Initial Jobless Claims improved upon its previous reading of 265,000 with a new data release of 239,000.
On the flip side, Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
JBG SMITH Properties made an initial breakout above its 50 day Simple Moving Average at $14.57, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $14.66 currently serving as resistance Despite this, JBG SMITH could be slowing down soon as it approaches resistance at $14.81. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems JBG SMITH might continue pointing upwards in the short term.
This rally in JBG SMITH's share price coincided with other real estate stocks as ProLogis added 0.75% to its value, and traded at $121.5.
Also worthy of note, United States Core PCE Price Index (MoM) (May) is scheduled for today at 12:30 UTC.
JBG SMITH hit a significant low of $13.58 around 7 days ago, but has since recovered 6.55%.
