For investors seeking momentum, First Trust Global Wind Energy ETF (FAN Quick QuoteFAN - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 54.2% from its 52-week low price of $13.51 per share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

FAN in Focus

The underlying ISE Clean Edge Global Wind Energy Index provides a benchmark for investors interested in tracking public companies throughout the world that are active in the wind energy industry based on analysis of the products and services offered by those companies. The product charges 60 basis points (bps) in annual fees.

What Led to the Rise?

This is a beneficiary of the Iran war.Rising fuel costs due to disrupted oil flows have renewed interest in clean energy. Higher gasoline prices are making clean alternatives like wind and solar energy more attractive.

More Gains Ahead?

FAN may continue its strong performance in the near term, with a positive weighted alpha of 70.28 (as per Barchart.com), which suggests a further rally.