For investors seeking momentum, Global X MSCI Norway ETF (NORW Quick QuoteNORW - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 34.6% from its 52-week low price of $10.87/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 on where it might be headed.

NORW in Focus

This 61-stock fund looks to track the MSCI Norway IMI 25/50 Index. The expense ratio of the fund is 0.50%. Energy, Financials, Consumer Staples and Materials are the top four sectors of the fund (see all European Equity ETFs here).

Why the Move?

An oil and aluminum prices rally boosted the fund as such stocks occupy the major portion of the basket. Aluminum is on a tear thanks to U.S. President Donald Trump’s sanctions against Russian aluminum company Rusal Plc. And oil prices have been on an uptrend on news of a drop in U.S. oil inventory and chances of an extension in Saudi-led OPEC output cut deal.

More Gains Ahead? 

The fund has a Zacks Rank #3 (Hold). It seems that it might stay strong in the near term given a positive weighted alpha of 31.20. As a result, there is still some promise for investors who want to ride on this surging ETF.

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