For investors seeking momentum, Global X Lithium ETF (LIT Quick QuoteLIT - Free Report) is probably on radar now. The fund just hit a 52-week high and is up around 121% from its 52-week low price of $17.83/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

LIT in Focus

The underlying Solactive Global Lithium Index tracks the performance of the largest and most liquid listed companies that are active in the exploration and/ or mining of Lithium or the production of Lithium batteries. It charges 75 basis points in annual fees (see all Materials ETFs here).

Why the Move?

Clean energy investing has been riding high lately. Tesla’s TSLA strong surge helped this fund emerge a winner lately. This is because most plug-in hybrids and all-electric vehicles use lithium-ion batteries.

More Gains Ahead?

Currently, the fund LIT has a positive weighted alpha of 80.90. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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