Amplify Travel Tech ETF (AWAY Quick QuoteAWAY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 38.39% from its 52-week low price of $14.95/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.

AWAY in Focus

The underlying Prime Travel Technology Index NTR tracks the performance of globally exchange-listed equity securities engaged in the travel technology business, which provides technology via Internet & Internet-connected devices such as mobile phones, to facilitate travel bookings & reservations, ride sharing & hailing, travel price comparison and travel advice. The product charges 75 bps in annual fees (see: all Industrials ETFs).

Why the Move?

This corner of the broad market has been an area to watch lately, given the pick-up in travel. The Fed’s dovish stance and estimates of an interest rate cut in June 2024 bode well for the sector, as a fall in the interest rate may lead to increased discretionary spending by consumers. Estimation of global air passenger traffic doubling by 2042 is another positive factor for the fund.

More Gains Ahead?

It might continue its strong performance in the near term, with a positive weighted alpha of 22.89, which indicates a further rally.