So far this month there have been a couple of shares in particular on the All Ordinaries (Index: ^AORD) (ASX: XAO) which have caught my eye. These two unloved shares have been going through an incredibly tough time of late, but have suddenly found favour with investors.

This has led them to put on impressive gains for their respective shareholders this month. But can it continue?

Cabcharge Australia Limited (ASX: CAB)

Since the emergence of ride hailing app Uber on Australian shores, many investors have understandably stayed well clear of Cabcharge. Last year its shares were sold off to such a degree that they lost almost half of their value at one stage. But investors have returned to this embattled company and driven its share price higher by over 17% already in July. This meant that just yesterday Cabcharge touched on a new 52-week high.

I believe this resurgence is down to a combination of value and potential. The shares are changing hands at just 10x estimated FY 2016 earnings, which I feel makes it an interesting option for bargain hunters. Then there’s the company’s ihail app which is due for release in August. This app is designed to take on Uber head on and is a joint venture with Yellow Cabs, Silver Top Taxi Service, Black and White Cabs, and Suburban Taxis.

Time will tell whether the app helps change the fortunes of Cabcharge, but at least for now its investors have a glimmer of hope that things could improve.

Myer Holdings Ltd (ASX: MYR)

So far this month Myer’s share price has risen by over 11%, bringing it into positive territory for the year at long last. Much of these gains were made last week after South Africa-based Woolworths Holdings put out a trading update. The update revealed that Myer’s rival David Jones saw an 8.4% increase in sales and a 7% growth in comparable sales for the 12 months to June 26.

I believe the market has interpreted this as a sign that Myer could also be set to deliver strong full year results when it announces them in August. With its shares priced at under 14x trailing earnings, I can definitely see the appeal for investors. Despite this I still have doubts about Myer’s future due to the rise of online shopping, so would be hesitant to make a long-term investment in its shares today.

Lastly, these three ASX shares are great investments in my opinion. Classed as new breed blue chip shares, they provide a solid and growing fully franked dividend and could produce share price gains in the months ahead in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.