Charter Hall is a property fund manager and is diversified across the office, retail, industrial, and residential sectors.
“The company has long leases and low vacancies in enviable locations,” Michael said.
“However, its share price has naturally taken a hit due to rising interest rates and concerns over dropping valuations.
“The share price chart is now suggesting that the recent declines could be overdone, and we have seen a low.
“After declining sharply in February and March, the share price then stabilised at levels around $10.75.
“There seemed to be a floor in the share price at that level.
“However, a few days ago it broke under that (circled), which could have been a negative sign.
“Instead of triggering a wave of selling, the shares rallied back into the old trading range.
“This price action is known as a “false break”, and it can be a very bullish reversal signal. “There is a strong chance that CHC shares recover at least to the top of the recent range near $11.75.
“A break above that level could then be the start of a new uptrend,” Michael said.
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