For investors seeking momentum, Global X Uranium ETF (URA Quick QuoteURA - Free Report) is probably on radar now. The fund just hit a 52-week high and is up over 46% from its 52-week low price of $11.31/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:

URA in Focus

This ETF tracks the Solactive Global Uranium Total Return Index to provide exposure to the performance of companies engaged in the uranium mining business.  As far as geographical concentration is concerned, the 23-stock fund is heavy on Canada with about 56.5% focus followed by Australia (15.96%) and Hong Kong (8.04%). It charges investors 70 basis points a year in fees (see all the material ETFs here).

Why the Move?

The uranium mining sector has been an area to watch lately as Kazakhstan state company – the world’s top uranium producer – plans to slash production by 10% this year. The move is intended to rebalance the uranium market that has been facing a supply glut since 2011. This is creating a great situation for uranium prices.

More Gains Ahead?

It seems that URA might continue with its strength given a positive weighted alpha of 39.70. Since a positive weighted alpha hints at more gains, there is definitely still some promise for investors who want to ride this surging ETF a little further.

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