1-Month Relative Strength: 31.72%
Nearest Resistance: $36.50Nearest Support: $35 Outdoor store chain Cabela's (CAB) is another name that's pushing its way to new 52-week highs this week on momentum from positive earnings. That's bringing along some bullish implications for investors right now. >>8 Stocks Under $10 Moving Higher So why exactly do higher prices bode well for shares? It all comes down to the number-one driver of stock prices: market psychology. Making new 52-week highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses. For late-to-the-game buyers, though I'd recommend sitting on the sidelines until CAB finds a closer support level.