For a couple of months, the natural gas ETF UNG appeared to be putting in a price bottom. However, as we approach the end of May, it looks like bears have regained control of this market. UNG 4H Chart 5/24 (click to enlarge)The 4H chart shows that price pushed above 7.00 but found resistance after tagging the 200-period simple moving average. Even after this 2-month rally, the overall bearish trend was not broken. Now, it looks like 7.00 is becoming a hard resistance to crack and price has retreated below the 100-, and 50-period SMAs. Furthermore, the RSI in the 4H chart has broken 40, suggesting loss of the March-April bullish momentum. It's possible that the 5.80 low in March will be the low this year, but with bulls failing to keep UNG above 7.00, it looks like there is a chance price will test this low again. In fact, the daily chart suggests UNG is more likely to continue even lower.UNG Daily Chart 5/24(click to enlarge)The daily chart essentially tells us that the 2-month rally meant nothing compared to the prevailing downtrend. Price held under the 200-day and 100-day SMAs and is now returning below the 50-day SMA. The RSI tagged 60 and turned down, showing maintenance of the prevailing bearish momentum. The "head-and-shoulders" shape of price action in the past couple of months also suggests a failed bullish attempt, which could translate to a bearish swing at least towards the 5.80 low. With the prevailing trend intact, it is not a stretch to expect price to reach even lower below 5.80.