Global X Hydrogen ETF (HYDR Quick QuoteHYDR - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 214.5% from its 52-week low price of $15.49 per share.

Are more gains in store for this ETF? Let us 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.

HYDR in Focus

The underlying Solactive Global Hydrogen Index provides exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology. The product charges 0.50% in annual fees.

Why the Move?

Optimism surrounding a potential long-term truce in the Middle East has lifted U.S. markets. However, the current energy crisis amid the Iran war has led several countries to opt for alternative energy sources. Hydrogen is one such option. Additionally, the expansion of the AI industry has increased the demand for clean and sustainable energy, with hydrogen emerging as a potential fuel.

More Gains Ahead?

HYDR might remain strong, given its positive weighted alpha of 75.48 (per barchart.com). There is definitely still some promise for investors who want to ride on this surging ETF.