For investors seeking momentum, Invesco S&P 500 Equal Weight Energy ETF (RSPG Quick QuoteRSPG - Free Report) is probably on radar. The fund just hit a 52-week high and is up 30.04% from its 52-week low price of $61.95/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:

RSPG in Focus

The underlying S&P 500 Equal Weight Energy Plus Index equally weights stocks in the energy sector of the S&P 500 Index. The product charges 40 bps in annual fees (See: all Energy ETFs here).

Why the Move?

The energy sector has been an area to watch, given the tightening supply and a rise in oil prices. Extended OPEC+ production cuts and declining inventories in the United States are fueling the recent rally in oil prices.

The political uncertainty across the Middle East has threatened the supply of oil, thereby leading to an oil price surge. Notably, the Middle East is home to almost a third of global supply and prolonged tensions in the area could lead to increased volatility surrounding supply and further surge in oil prices.

More Gains Ahead?

Currently, RSPG has a Zacks ETF Rank #3 (Hold) with a High risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 14.10, which gives cues of a further rally.