For investors looking for momentum, Invesco DWA Energy Momentum ETF (PXI Quick QuotePXI - Free Report) is probably a suitable pick. PXI just hit a 52-week high and is up 145.6% from its 52-week low price of $21.55/share.

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

PXI in Focus

Invesco DWA Energy Momentum ETF is based on the Dorsey Wright Energy Technical Leaders Index. PXI has an AUM of $293.9 million and charges 60 basis points in annual fees.

Why the Move?

The energy space has been a prime investment area, holding the interest of market participants since the beginning of the year. Reopening global economic activities, acceleration of the coronavirus vaccine rollout and improving labor markets were bolstering the sector’s strength. The spike in oil prices due to the Russia-Ukraine crisis increased the sector’s momentum.This is making funds like PXI an impressive investment pick.

More Upside Ahead?

It seems as if the Invesco DWA Energy Momentum ETF will remain strong, with a positive weighted alpha of 94.70, which gives cues of a further rally.