After the last few volatile weeks of trading, very few major ETFs are back to their 52-week highs and sporting multiple bullish patterns. However, one of these is the iShares Global Infrastructure ETF (IGF) . The first question we should address is “Why has IGF exhibited such strong relative strength when so many other areas have had a wild ride (up and down) recently?” The answer is an easy one to understand: the ETF simply doesn’t hold the high-beta growth names that have spiked, crashed and spiked again. According to ishares.com, IGF is comprised of 74 holdings, but just three sectors are represented: Utilities: 42% Industrials: 37% Energy: 21% Utilities and industrials have held up well lately, but energy hasn’t. However, one particular group within the sector has outperformed: oil & gas midstream, which has to do with transportation & storage of oil. In fact, many of IGF’s energy holdings are within 5% of their respective highs. That’s a big difference compared to the stocks within the broader energy ETFs like the Energy Select Sector SPDR (XLE). Daily bullish pattern breakout So, now we know why IGF has done well. Now, let’s review the ETF’s prospects going forward, starting with its daily chart. IGF went nearly parabolic from April 16-May 15, gaining 12% in 21 trading days. It has been digesting that move ever since and now has formed a potential bullish three-month inverse head & shoulders pattern. A sustained breakout from this formation would yield an upside target near $53.50, which would be a new 52-week high. We shouldn’t ignore a pattern like this given that IGF has leveraged two other bullish set-ups during its comeback from the October’23 low point. Weekly bullish pattern breakout While IGF is just now trying to push above the daily bullish formation noted above, the ETF already has broken out from a weekly bullish pattern this past spring. In fact, the shorter-term pattern has formed right above the long-term breakout zone. Simply stated, short- and long-term bullish pattern breakouts happening simultaneously creates a constructive technical backdrop. Long-term trend In IGF’s history, the ETF has broken out to new all-time highs every few years. It last made a new high in April ’22, nearly two-and-a-half years ago. From this perspective, it wouldn’t be surprising to see IGF make another new all-time high again soon. For that to happen, the bullish patterns cited above will need to be leveraged. If nothing else, IGF provides a less volatile outperforming alternative for those looking for some exposure outside of the fast-moving growth names. -Frank Cappelleri Founder: https://cappthesis.com DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.