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April 21, 2023
A quick look at today: the US REIT has recovered almost all of its session losses after dipping down to $13.68 today.
JBG SMITH is currently trading at $13.76 following the release of Services PMI data from the United States.
While price action maintains a negative bias, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
A study of JBG SMITH's historical price actions shows JBG SMITH Properties could begin to recover as it approaches significant support, now 16 cents away from $13.6. Dipping below could be an indication that further losses are ahead. 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $13.49, 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.
On the other hand, positive performances could be seen by looking at other real estate stocks as ProLogis was up 0.27%.
The mixed-use property REIT is now trading 27.06% below its 3-month high of $27.77.
