The industrial sector has been one of the most popular so-called Trump trades since the election, and the run may not be done just yet.
The group has risen nearly 9 percent in November, making it the second-best performer among the S&P sectors, and hit an all-time high Wednesday. Investors appear to be anticipating that President-elect Donald Trump will carry through with his proposed infrastructure plans, which would be great news for big industrial stocks like Caterpillar.
Craig Johnson, technical analyst at Piper Jaffray, says the charts suggest another 5 to 6 percent worth of upside for the XLI, the ETF tracking the sector.
The XLI has seen "a breakout from a bullish flag formation," he explained in an email to CNBC.
Zachary Karabell, head of global strategy at Envestnet, also sees the rally in industrials as being far from over, though how big the climb will be remains unclear.
"They're trying to figure out if all this spending materializes, where is it going to go?" Karabell said Wednesday on CNBC's "Power Lunch." "It's just kind of an indiscriminate 'lets buy all these names' and it may be that these names, in fact, do quite well for the next 18 to 24 months of potential spending in whatever form."
"I don't know that there's another 35 percent there," he added. "It doesn't mean that they're going to pull back, but [investors] are anticipating a lot."
Industrials dropped slightly during Wednesday trading, but the sector is up nearly 16 percent his year, with the bulk of those gains coming after Trump's electoral victory.