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Energy ETF (PXJ) Hit a 52-Week High
For investors seeking momentum, Invesco Dynamic Oil & Gas Services ETF (PXJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up 78.8% from its 52-week low price of $2.92/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:
PXJ in Focus
The underlying Dynamic Oil Services Intellidex Index is composed of stocks of 30 U.S. companies that assist in the production, processing and distribution of oil and gas. The product charges 63 bps in annual fees.
Why the Move?
Oil prices jumped last week on hopes that China could ease its Covid-control measures. A weaker dollar has also lent its share of support. As a result, energy ETFs gained last week.
More Gains Ahead?
Currently, PXJ might remain strong given a positive weighted alpha of 46.70. As a result, there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.