For investors seeking momentum, iPath Series B Bloomberg Nickel Subindex Total Return ETN is probably on radar. The fund just hit a 52-week high, and is up 56.6% from its 52-week low of $20.71 per 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 of where it might be headed:

JJN in Focus

The underlying Bloomberg Nickel Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on nickel. The ETN charges 45 basis points in fees.

Why the Move?

Nickel prices jumped to their highest since Jan 21 as worries about low inventories and possible sanctions against key producer Russia caused supply fears. The European Union may impose a stringent package of sanctions as soon as needed, as Russian troops inch closer to Ukraine, the EU's top diplomat Josep Borrell said on Thursday, as quoted on miningweekly.com.

More Gains Ahead?

Currently, JJN has a Zacks ETF Rank #3 (Hold). Therefore, it is hard to get a handle on its future returns one way or the other. JJN has a positive weighted alpha of 41.37 (per barchart.com), which gives cues of further rally.