Buying shares at 52-week highs can feel unnerving.
It feels much easier emotionally to buy after a pullback. But I do not think a rising share price automatically means investors have missed the boat.
Sometimes a share is trading strongly because the investment case is improving.
That is how I see the ASX shares in this article. All three have reached 52-week highs or better on Tuesday, but I would still be happy to buy and hold them.
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BHP Group Ltd (ASX: BHP)
BHP has had a powerful run, and I can understand why some investors may hesitate after such strength.
Resource shares can be cyclical, and buying after a rally is never without risk. Iron ore prices, China's economy, costs, and commodity sentiment can all move the share price around quickly.
But I think BHP's long-term story remains attractive, particularly because of copper.
Copper is becoming increasingly important to electricity networks, data centres, renewable energy, electric vehicles, industrial activity, and broader electrification. At the same time, new copper supply is difficult to bring on quickly.
That is a useful setup for a company with BHP's scale, balance sheet, and existing copper exposure.
Iron ore still gives the group a powerful cash flow base, while potash offers another long-term option through Jansen. I like that mix. BHP is not a pure copper stock, but it gives investors exposure to copper through a diversified mining giant with world-class assets.
The valuation may not be cheap after the recent rise, but I would still buy BHP shares as a long-term resources holding.
Electro Optic Systems Holdings Ltd (ASX: EOS)
Electro Optic Systems is a much higher-risk ASX share, but I think the opportunity is compelling.
The company is focused on defence technology, with key areas including counter-drone systems, remote weapon systems, high-energy laser weapons, and space control.
I like the exposure because modern defence needs are changing quickly. Drones are now a major feature of military conflict, border protection, critical infrastructure security, and public safety planning. That creates demand for systems that can detect, track, and respond to threats.
EOS has also completed its acquisition of MARSS, which adds command-and-control capability through the NiDAR system and broadens the group's counter-drone offering.
That could make the business more valuable to customers looking for a more complete solution, rather than a narrow product set.
The company's recent AGM presentation highlighted a large illustrative order book and strong customer interest across counter-drone and space control.
Investors still need to watch execution, contract timing, and cash flow, but I think EOS now has a stronger platform to chase a large defence technology opportunity.
Dicker Data Ltd (ASX: DDR)
Dicker Data is another ASX share I would buy despite its recent strength.
The technology distributor is not always viewed as an exciting growth stock, but I think it has a very useful position in the Australian and New Zealand technology market.
Dicker Data works with reseller partners and distributes hardware, software, cloud, and infrastructure products from major global vendors. That puts it close to ongoing technology spending across businesses, government, and enterprise customers.
I also like that the business is exposed to several steady technology trends at once. These include cloud adoption, software subscriptions, infrastructure upgrades, cybersecurity needs, AI-related spending, and the continuing PC refresh cycle.
Dicker Data will still be affected by margins, demand cycles, working capital, and vendor relationships. But I think its long operating history, partner network, and broad product exposure make it a quality technology share.
Foolish takeaway
A 52-week high should not automatically scare investors away.
The more important question is whether the business can keep improving over the next five or 10 years. In these three cases, I think the answer is yes.
What matters to me is whether the strength in these share prices is backed by real business momentum. In each case, I think there are long-term drivers that could continue to support growth, even if the ride becomes bumpier from here.
None are perfect, but I think each has enough long-term potential to justify buying, even after a strong run.
