For investors seeking momentum, Global X MSCI Argentina ETF (ARGT Quick QuoteARGT - Free Report) is probably on radar. The fund just hit a 52-week high and is up 104% from its 52-week low price of $23.29/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:

ARGT in Focus

The underlying MSCI All Argentina 25/50 Index is designed to measure equity performance of the top 20 companies within the investable universe of Argentina domiciled companies or companies that have substantial revenues or assets in Argentina. The fund charges 59 basis points in annual fees.

Why the Move?

Election bet has been boosting the Argentina’s market. Investors are positioning themselves in Argentine stocks ahead of the nation’s political cycle, said Francisco Choe, portfolio manager at Galicia Asset Management in Buenos Aires, as quoted on Financial Post.  Polls revealed that there is lesser chance of winning for the left-oriented ruling coalition while market-friendly candidate has higher chances of winning the election.

More Gains Ahead?

The fund has a positive weighted alpha of 83.30. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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