For investors seeking momentum, the Invesco Dorsey Wright Industrials Momentum ETF (PRN Quick QuotePRN - Free Report) is probably on the radar now. The fund just hit a 52-week high and jumped 78.2% from its 52-week low price of $139.59 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.

PRN in Focus

This fund offers exposure to companies showing relative strength (momentum) and is composed of 29 securities from the NASDAQ US Benchmark Index. The product charges 69 basis points (bps) in annual fees (See: All Industrial ETFs here).

What Led to the Rise?

The PRN fund’s recent 52-week high achievement is primarily a result of its unique "relative strength" methodology capturing a major capital rotation into the industrial sector. Notably, the ETF has been benefiting from its heavy concentration in high-momentum industrial leaders that are currently riding a wave of increased federal defense spending and a resurgence in domestic manufacturing.

More Gains Ahead?

PRN may continue its strong performance in the near term, with a positive weighted alpha of 82.58 (as per Barchart.com), which suggests a further rally.