For investors seeking momentum, PowerShares DWA Energy Momentum Portfolio (PXI Quick QuotePXI - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 43.8% from its 52-week low price of $30.10/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.

PXI in Focus

The ETF looks to track the performance of the DWA Energy Technical Leaders Index. The product charges 60 bps in net fees (see all Energy ETFs here).

Why the Move?

Oil prices hit the highest level since November 2014. Tight global supplies on the Venezuela issue and the OPEC output cut deal, and the likely new U.S. sanctions against Iran led to this bump.

More Gains Ahead? 

It seems that the fund will stay strong in the near term given a positive weighted alpha of 26.80. So, there is still some promise for investors who want to ride on this surging ETF.

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