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May 26, 2023
Having fallen $1.06 in 4 days, More of the same from yesterday's session: a tough session dominated by bearish sentiment left JBG SMITH 38 cents lower, while setting a $13.9 to $14.17 session range.
Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. United States Pending Home Sales fell short of the 0.5% projections, with new data of 0%.
Amid the market gloom, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.
Visual analysis of JBG SMITH's chart shows that JBG SMITH Properties could begin to recover as it approaches significant support, now 9 cents away from $13.81. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note 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. Price action remains constrained around the key Fibonacci level of $13.96 currently serving as support. If price action breaks below, the next Fib hurdle is $13.62. According to asset volatility analysis, JBG SMITH's lower Bollinger Band® is at $13.67, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
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 gained 0.79%, as it traded at $122.
The US REIT has shed 21.5% over the past three months.
