Investors seeking momentum may have Global X Lithium & Battery Tech ETF (LIT Quick QuoteLIT - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of LIT are up approximately 87.3% from their 52-week low of $51.85/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

Global X Lithium & Battery Tech ETF 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. Global X Lithium & Battery Tech ETF charges 75 bps in fees.

Why The Move?

Lithium prices have been soaring on the back of heavy demand for lithium batteries, which is used in electric vehicles. Plus, on Monday, Tesla’s Musk tweeted that Tesla’s Model 3 Plaid vehicle would be available in China as soon as March. This boosted Tesla’s shares price as well as Lithium & Battery Tech ETF, which has more than 5% exposure to Tesla.

More Gains Ahead?

The fund has a positive weighted alpha of 80.87. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.