Fidelity Nasdaq Composite Index ETF (ONEQ Quick QuoteONEQ - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has surged 31.99% from its 52-week low price of $81.45 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.

ONEQ in Focus

The underlying Nasdaq Composite Index is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. The product charges 0.21% in annual fees (see: all Large Cap Growth ETFs here).

Why the Move?

The tech-heavy Nasdaq Composite surged to a new high on Tuesday, fueled by renewed optimism around the AI outlook and a recent decline in oil prices globally, strengthening the case for increased exposure to ETFs tracking the index.

The index gained 0.45% on Tuesday. It has gained 3.28% over the past five trading days. It has risen 3.99% over the past month and 16.02% year to date.

More Gains Ahead?

Currently, ONEQ has a Zacks ETF Rank #2 (Buy), with a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 23.18 (per Barchart.com), which hints at a rally.