For investors looking for momentum, Global X Uranium ETF (URA Quick QuoteURA - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 170.6% from its 52-week low price of $10.51/share.

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

URA in Focus

The fund provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. It has AUM of $840 million and charges 69 basis points in annual fees.

Why the Move?

The uranium stocks and ETFs have been increasing largely due to growing interest on Reddit’s WallStreetBets forum. Notably, large purchases of the metal by the Sprott Physical Uranium Trust, a Canadian Closed End Fund (CEF), have led prices to their highest levels since 2014. There is rising demand for uranium from China and India as these countries try to meet the growing electricity demand while managing air pollution problems.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 135.81, which gives cues of further rally.