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Technology ETF (PTF) Hits New 52-Week High

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For investors seeking momentum, Invesco DWA Technology Momentum ETF (PTF - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 51.9% from its 52-week low price of $47.71/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:

PTF in Focus

The underlying DWA Technology Technical Leaders Index identifies companies that are showing relative strength and are composed of at least 30 common stocks from a universe of approximately 3,000 common stocks traded on U.S. exchanges. It charges 60 bps in fees (see all Technology ETFs  here).

Why the Move?

The tech ETFs have been hit in May thanks to renewed trade tensions. However, the fund now has every reason to rally given a talks of Fed rate cuts, cheaper valuation and improvement in U.S.-Mexico trade relation.

More Gains Ahead?

The fund has a Zacks Rank #2 (Buy). It also has a positive weighted alpha of 22.60, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.

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