United States Natural Gas Fund $UNG has been recovering since August after a year-long bearish trend. Share price came close to $40 in November 2018 before falling to $18 by August. Then we saw an interesting rebound.UNG Daily Chart(click to enlarge)Bullish Reversal?- As we can see on the daily chart, price has been bearish until finding support at $18.- Since then price rallied above a falling resistance and pushed the RSI above 70. Most importantly, price broke aovve the July high around $21.50.- These could be early signs of a bullish reversal, but could be too early.- Price retreated when UNG hit the 200-day simple moving average (SMA). - On the weekly chart below, we can see that UNG is still bearish.- I think the $20 area will be key along with the daily RSI around 40. - If price can hold above $20 and the RSI can hold above 40, I would gain confidence about the bullish outlook. - If price does get into a bullish reversal mode, I would still limit the bullish outlook because the prevailing trend is very bearish. I would anticipate resistance if price pulls into the $27-$30 area. UNG Weekly Chart(click to enlarge)