This afternoon's spike to the upside in the U.S. Natural Gas Fund (UNG) has imbued the near-term chart structure with the look of a potentially significant near-term bottom (37.00-34.00). A sustained upside hurdle of last Thurday's rally peak at 37.40 should trigger upside follow-through to the 40.00-40.40 area initially, and possibly to 42.00 thereafter, as the price structure fulfills its "destiny" off of the three-week base pattern.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.