For investors seeking momentum, SPDR NYSE Technology ETF (XNTK Quick QuoteXNTK - Free Report) is probably on radar. The fund just hit a 52-week high, and is up about 51% from its 52-week low price of $110.34/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:

XNTK in Focus

This product provides exposure to the leading U.S.-listed companies in the Information Technology sector and the technology-related stocks in the Consumer Discretionary sector. It has key holdings in semiconductors, Internet & direct marketing retail, and Interactive Media & Services. The product charges 35 basis points in fees per year (see: all the Technology ETFs here).

Why the Move?

The technology corner of the broad U.S. stock market has been an area to watch lately given that the tech-laden Nasdaq is hitting record highs. Most of the rally has been powered by renewed buying in the high-growth tech giants on easing of tapering fears as well as optimism over a sustained economic recovery.

More Gains Ahead?

Currently, XNTK has a Zacks ETF Rank #2 (Buy), suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.