Energy ETF (IXC) Hits New 52-Week High
For investors seeking momentum, iShares Global Energy ETF IXC is probably on radar. The fund just hit a 52-week high and is up 31% from its 52-week low price of $31.91/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 of where it might be headed:
IXC in Focus
iShares Global Energy ETF offers global exposure to companies that produce and distribute oil and gas. It has key holdings in integrated oil & gas, and oil & gas exploration & production industry. The fund has 0.44% in expense ratio (see: all the Energy ETFs here).
Why the Move?
The energy segment of the broad equity market has been an area to watch lately, given the soaring oil prices. Oil rallied to $95 per barrel, driven by strong demand and supply cuts from OPEC+ leaders, Saudi Arabia and Russia. Additionally, expectations of a large crude deficit in the fourth quarter and signs of economic recovery in China added to the strength.
More Gains Ahead?
It seems that IXC might remain strong, given a higher weighted alpha of 25.20 and a low 20-day volatility of 12.83%. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.
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iShares Global Energy ETF (IXC): ETF Research Reports
