The United States Natural Gas Fund (UNG) appears to have stabilized somewhat since mid-December when it was in a sharp decline that cracked 7.0. UNG 1H Chart 1/27(click to enlarge) After a rebound to 9.20, the prevailing bearish trend was in effect again. As we wind down the January month, UNG retreated to the 61.8% fibonacci retracement level around 7.8. Here, we can see that price started to consolidate in a range roughly between 7.6 and 8.0. The longer price holds in this range, the more significant the eventual breakout will likely be. Below 7.6, the 7.0 and 6.9 lows will be in sight with risk of falling further in-line with the prevailing trend. To the upside, a break above 8.0 opens up the high near 9.25 again. If UNG does indeed make this bull run, price will be dealing with a falling trendline as well as the previous resistance pivot.