While in the midst of an 11 day downtrend, losing a total of 7.87% ($1.68), A possible reversal detected from yesterday; generally flat but with a slight bullish bias, JBG SMITH ranged between $18.11 and $18.49 before closing higher at $18.37.
United States New Home Sales (Jan) is next today at 15:00 UTC.
JBG SMITH's uptick comes amid good United States macroeconomic data released during the day — data from United States concerning Crude Oil Inventories was released yesterday at 16:00 UTC. Newly published figures emphasized continued decline from last month's figure of 16.28 million to 7.65 million this month.
Nevertheless, GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
At the same time, United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4.
JBG SMITH Properties could be slowing down soon; it is getting close to the resistance line and is now at $18.54, only 17 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on yesterday, JBG SMITH slid below its 3 day Simple Moving Average at $18.4 during the last session — an early indicator that a negative trend could be emerging. In contrast, JBG SMITH's lower Bollinger Band® is at $18.03, indicating that the market is oversold and fertile for new buyers.
Technical analysis of JBG SMITH price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
A look at other real estate stocks also showed bullish price action as ProLogis was up 0.9%.
Furthermore, the market is looking at United States New Home Sales (Jan) is expected today at 15:00 UTC.
Having set a significant high of $29.96 10 months ago, the US REIT is trading 39.05% lower.