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May 03, 2023
Yesterday at a glance: the US REIT hovered around the $13.93 level after closing Monday at $14.27 and shedding 2.38%, as it reached reached yesterday's session close.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Amid the market gloom, United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders fell short of the 1.1% projections, with new data of 0.9%.
JBG SMITH Properties made an initial break below its 10 day Simple Moving Average at $13.95, a possible indication of a forthcoming negative trend. On the other hand, note that JBG SMITH could begin to recover as it approaches significant support, now 26 cents away from $13.67. Dipping below could be an indication that further losses are ahead.
In the short term, JBG SMITH is expected to maintain its recent downtrend and continue spiralling lower.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released today at 18:00 UTC.
Pointing downwards for around a month. The mixed-use property REIT is now trading 32.43% below its 3-month high of $26.87.
