After pushing through any existing levels of resistance earlier this summer, UNG (Natural Gas ETF) has come back to earth, declining below $18 for the first time since  late June. This means that the bottom of a five month channel, drawn to start when it’s year-long decline halted in April, has come into play as a support level again. Already naked puts in September are looking like a reasonable option for any neutral-to-bullish investors. We’re looking for a little more of a drop before we get serious about a trade, but stay tuned.