A look at $NG and potential for a breakout

Been watching $NG pretty closely today, and that 5.9 level is holding quite stubbornly. We saw a nice bounce off the lows around 5.9 earlier, but the intraday high only got to 6.15 before pulling back. It feels like we're consolidating after that recent run-up, and the question on my mind is whether this consolidation is a pause before continuation or if we're setting up for a deeper retracement.

From an options perspective, I'm thinking about strategies that could benefit from a move above 6.15, or conversely, a rejection and fall back towards perhaps 5.70. Implied volatility hasn't really spiked, which suggests the market isn't expecting a huge move just yet. The risk here, as always, is that this sideway action continues indefinitely, eating away at premium for directional plays, or that a sudden news event invalidates any technical setup. A sustained break below 5.9, say on increased volume, would definitely make me reconsider any bullish bias, as that would suggest the buyers from earlier are getting tired.