Energy ETF (IXC) Hits New 52-Week High
Global Energy Ishares ETF IXC is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 63.74% from its 52-week low price of $33.89 per share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
IXC in Focus
The underlying S&P Global 1200 Energy 4.5/22.5/45 Capped Index comprises global equities in the energy sector. The product charges 0.40% in annual fees (see: all Energy ETFs).
Why the Move?
The energy sector has been an area to watch, given the increase in oil prices due to the ongoing conflict in the Middle East. The closure of the Strait of Hormuz and concerns around supply disruptions have increased oil prices. Prolonged tensions in the Middle East could lead to increased volatility surrounding supply and a further surge in oil prices.
More Gains Ahead?
IXC might continue its strong performance in the near term, with a positive weighted alpha of 45.86 (per Barchart.com), which hints at a rally.
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iShares Global Energy ETF (IXC): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
