For investors looking for momentum, iShares 3-7 Year Treasury Bond ETF (IEI Quick QuoteIEI - Free Report)  is probably a suitable pick. The fund just hit a 52-week high — up roughly 9.4% from its 52-week low of $122.24/share.

Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

IEI in Focus

The underlying ICE U.S. Treasury 3-7 Year Bond Index assesses U.S. Treasury issued debt. Only U.S. dollar denominated, fixed rate securities with minimum term to maturity greater than three years and less than or equal to seven years are included. The fund charges 15 bps in fees (see all Government Bond ETFs here).

Why the Move?

The broader market went into a tailspin on Apr 21 due to epic oil price crash this week. Weak demand, ample supplies and storage crisis hurt oil prices massively. This bolstered the safe-haven demand of U.S. treasuries.

More Gains Ahead?

The fund has a Zacks Rank #2 (Buy). The fund has a positive weighted alpha of 9.40, which gives cues of further rally.

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