Investors seeking momentum may have DWA Consumer Cyclicals Momentum Invesco ETF (PEZ Quick QuotePEZ - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of PEZ are up approximately 135.4% from their 52-week low of $27.77/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.

PEZ in Focus

The underlying DWA Consumer Cyclicals Technical Leaders Index identifies companies that are showing relative strength, and are composed of at least 30 common stocks from a universe of approximately 3,000 common stocks traded on US exchanges.PEZ charges investors 60 basis points in fee per year (see all Consumer Discretionary ETFs here).

Why the move?

The consumer cyclical sector has been performing well lately on economic reopening hopes. A potential vaccine, a decline in virus-related hospitalizations in Texas and California, likely recovery in 2021 and better-than-expected earnings have been driving the space.

More Gains Ahead?

Currently, PEZ has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. So, it is difficult to get a handle on its future returns one way or another. The fund has a positive weighted alpha of 41.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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