For investors seeking momentum, First Trust Nasdaq Oil & Gas ETF (FTXN - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up about 35% from its 52-week low price of $16.85/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:

FTXN in Focus

This fund measures the performance of the most liquid oil and gas securities from the NASDAQ US Benchmark Index screened through volatility, value, and growth. It has key holdings in exploration & production and integrated oil & gas. FTXN charges 0.60% in expense ratio.

Why the Move?

The energy corner of the broad investing world has been an area to watch lately given the spike in oil price. Oil prices are at the highest level in more than three years and expected to climb amid rising U.S. production. This is especially true given the wave of global economic growth that is driving demand, OPEC output cuts, reducing inventory and potential U.S. sanctions on Iran.

More Gains Ahead?

Currently, FTXN has a Zacks ETF Rank #3 (Hold). Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have strong a Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.