For investors seeking momentum, iShares MSCI Norway ETF (ENOR Quick QuoteENOR - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 33.1% from its 52-week low price of $21.75/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:

ENOR in Focus

The underlying MSCI Norway IMI 25/50 Index is designed to measure broad-based equity market performance in Norway. The product charges 53 bps in annual fees (See: all European Equity ETFs here).

Why the Move?

The fund invests about 24.3% of its weights in ENOR. Norway is energy-rich. The ongoing Middle East tensions often drive oil prices higher due to supply disruption fears. Hence, ENOR stands to gain amid rising tensions in the Middle East.

More Gains Ahead?

ENOR might continue its strong performance in the near term, with a positive weighted alpha of 27.00 (as of Barchart.com), which gives cues of a further rally.