Natural gas etf, UNG, flirting with trendlines and "not dead yet, feeling better" - but watch these indicators to be sure

UNG is flirting with trendlines and I've drawn some onto this hourly chart. Buying volumes don't look convinced yet. If it still wants a bit more down then I've drawn something with red lines that could indicate a path for more wedging action. Indicators have improved but it looks like UNG would have wanted to get above 12.65 to get more traction. There certainly are reasons to think it may want to get to $14 if and when it finishes putting in a low, but first things first. After such a vicious path down from the highs, we cannot worry too much that UNG needs to take its little time in completing a low. Down the road we will still need to think about how much upside there may be, but I recognize that for now, many people (especially those who may have gotten stuck in the false breakout) are needing to know its short-term direction. So this chart shows things to look for right now.