For investors seeking momentum, WisdomTree Europe Hedged Equity Fund (HEDJ Quick QuoteHEDJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 24.5% from its 52-week low price of $54.49/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:

HEDJ in Focus

The fund follows the WisdomTree Europe Hedged Equity Index. It holds about 129 securities in the portfolio. However, the fund has moderate company-specific concentration risks with the top three holdings taking about 17%. HEDJ is heavy on Germany and France. The product charges 58 bps in fees (see all European Equity ETFs here).

Why the Move?

Some upbeat datapoints probably have caused a rebound in the fund. Eurozone consumer confidence recoiled in July thanks to “low inflation, improving wages and declining unemployment.” Plus, the ECB could mull over possible stimulus measures on the meeting scheduled on Thursday.

More Gains Ahead?

Currently, the fund has a Zacks ETF Rank #4 (Sell). So, if the ECB comes up with a market-boosting message, there could be a rally in the fund, otherwise the medium-term outlook is bleak.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>