For investors looking for momentum, Invesco Dynamic Energy Exploration & Production ETF (PXE Quick QuotePXE - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 110.3% from its 52-week low price of $13.57/share.

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

PXE in Focus

The Invesco Dynamic Energy Exploration & Production ETF is based on the Dynamic Energy Exploration & Production Intellidex Index. It has AUM of $252.8 million and charges 63 basis points in annual fees.

Why the Move?

The energy sector has also been gaining investor attention on the latest rally in oil prices. Oil prices have been rallying amid the Russia-Ukraine geopolitical crisis. Russia’s move is leading to a rise in oil prices as it is among the world’s largest suppliers of oil and natural gas. There are other factors as well supporting the oil prices. The coronavirus vaccine rollout is gradually helping control the outbreak's spread across the globe. The optimism surrounding the gradual reopening of global economies and increasing demand is painting a rosy picture for cyclical sectors. This is making funds like PXE an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 93.00, which gives cues of a further rally.