United States Natural Gas (UNG) has been choppy, but bullish in 2016. From the daily chart below we can see price bottoming in March slowly building up from a price bottom since June. UNG Daily Chart 10/24(click to enlarge)Another breakout:- The daily chart shows 2 periods of consolidation. - One was the price bottom from March to June. A breakout that pushed price above the 200-, 100-, and 50-day simple moving averages (SMAs). - Then there was another consolidation period. - In September and more clearly in October, price broke above the most recent consolidation range.- Also, price has showed respect to the SMAs as support. This results in a bullish "slingshot" signal. - Furthermore, the RSI has held above 40 after tagging 70, which reflects maintenance of the bullish momentum. - Finally price broke a support/resistance pivot at 9.30, pushing UNG to a new high on the year.All this suggests that UNG has turned the corner and is now bullish. In the short-term or even medium-term though, we can expect some consolidation, but at this point, it might be prudent to consider the buy-on-a-dip strategy. 8.50 would be an interesting level where a few support factors reside. 10.00 is a viable target and probably a level we should cap our bullish outlook at.