For investors seeking momentum, First Trust Technology AlphaDEX Fund (FXL Quick QuoteFXL - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up more than 38% from its 52-week low price of $45.88/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:

FXL in Focus    

This fund follows an AlphaDEX methodology by tracking the StrataQuant Technology Index and ranks stocks in the space by various growth and value factors, eliminating the bottom-ranked 25% of the stocks. The approach results in a basket of 89 stocks with key holdings in software & programming, Internet & mobile applications, and semiconductors. The product charges 63 bps in fees per year (see: all the Technology ETFs here).

Why the Move?

The technology corner of the broad U.S. stock market has been an area to watch lately given the optimism over trade negotiations and solid rebound in broad-based technology and Internet stocks. Added to the strength are rounds of upbeat data signaling improving economic growth and providing a solid boost to economically sensitive growth sectors like technology, which typically perform well in a maturing economic cycle.

More Gains Ahead?

Currently, FXL has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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