Goodman Group is a global property group involved in property development, fund management, property services, and property investment.
“It should continue to do well as the economy continues to improve,” Michael said.
“The only problem with REITs is that rising interest rates is a negative.
“Having said that, the consensus is that rates will head higher, but interest rate sensitive stocks like GMG are actually going up, not down.
“This means that GMG could be displaying some contrarian characteristics.
“Looking at the chart, GMG fell under the $22 support level in September, but it managed to get back above that level pretty quickly.
“Momentum looks strong here for GMG and it is likely to continue its uptrend.
“Now that it has also breached the downtrend line that was in place since August, we now have even more confidence that it can head higher and current levels still represent a good buying opportunity,” Michael concluded.
Goodman Group (GMG)
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