For investors looking for momentum, S&P Global Natural Resources SPDR ETF (GNR Quick QuoteGNR - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 24.7% from its 52-week low price of $48.58/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

GNR in Focus

The underlying S&P Global Natural Resources Index is comprised of 90 of the largest U.S. and foreign publicly traded companies, based on market capitalization, in natural resources and commodities businesses. It charges 40 basis points in annual fees.

Why the Move?

Oil and other commodity prices have been rallying amid the Russia-Ukraine geopolitical crisis as the region is commodity-rich. This is why the fund hit a 52-week high yesterday.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 19.20, which gives cues of a further rally.

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