For investors seeking momentum, Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ Quick QuotePIZ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 29.1% from its 52-week low price of $32.87/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:

PIZ in Focus

The Dorsey Wright Developed Markets Technical Leaders Index includes approximately 100 companies that possess powerful relative strength characteristics and are domiciled in developed markets including, but not limited to Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, and New Zealand. The product charges 80 bps in annual fees (See: All Foreign Large Growth ETFs here).

Why the Move?

The developed market of the broad investing world has been an area to watch lately. Cheaper valuation and loosening in the interest rate policy have been a key to the success. The ECB has cut interest rates several times lately.

More Gains Ahead?

The ETF PIZ might continue its strong performance in the near term, with a positive weighted alpha of 24.67 (as per Barchart.com), which gives cues of a further rally.