Last time we looked at this fund, we noted that UNG was consolidating and had upside to 7.00, which would be a key resistance. Indeed, after some sideways action, price has rallied to 7.00, where UN took a break during the 9/19 session. UNG Daily Chart(click to enlarge)Rounded Bottom?- Price has been essentially sideways since June. But there is also a slightly "rounded-bottom" shape, which implies a possible price bottom. - Now, we can expect some short-term resistance at 7.00, but if price can hold above 6.70, then we should subsequently NOT rely on resistance at 7.00.- In this scenario, a bullish breakout opens up the 7.90-8.00 resistance area. - A break below 6.65 first opens up 6.45, with downside to the lows around 6.20. This type of price action suggests we might see even more downside towards 6.00.