Brent ETF (BNO) Hits a New 52-Week High
The brent crude ETF hits a 52-week high recently. Can it soar higher?
For investors looking for momentum, United States Brent Oil ETF BNO is probably a suitable pick. The fund just hit a 52-week high and is up 113% from its 52-week low price of $9.34/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
BNO in Focus
The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. Its expense ratio is 1.13%.
Why the Move?
Oil prices jumped on Sep 22 after U.S. crude stocks dropped to their lowest levels in three years as refining activity restored after recent storms. Plus, despite recent scare originating from the Delta variant of Covid-19, overall demand for fuel has rebounded to pre-pandemic levels.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 78.53, which gives cues of further rally.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
United States Brent Oil ETF (BNO): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research