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March 10, 2023
Today at a glance: an influx of sellers pushed the mixed-use property REIT to end the session lower around $15.4, while establishing a $15.33 to $16.12 session range today.
United States Unemployment Rate fell short of the 3.4 projections, with new data of 3.6. United States Initial Jobless Claims fell short of the 195,000 projections, with new data of 211,000.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data from United States concerning Non Farm Payrolls was released today at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
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. In contrast, JBG SMITH could begin to recover as it approaches significant support, now 46 cents away from $15.86. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting JBG SMITH to extend its recent losses.
JBG SMITH was not the only decliner in the real estate sector; ProLogis closed at $117 (down 3.55%).
Pointing downwards for around a month. So far this year, the mixed-use property REIT has declined 15.36% while touching highs around $29.96 earlier this year.
