CRUDEOIL
Tuesday 20 January, 2026
Crude Oil Futures have witnessed a sharp impulsive rebound from the 5,010 demand zone, breaking out of the prior falling trendline and accelerating higher within a steep rising channel. The recovery move has been strong, but price is now approaching a major supply and rejection zone near 5,600, which has historically capped upside momentum. After testing this resistance, Crude Oil has started consolidating above the 5,430–5,400 zone, indicating short-term strength but also signs of exhaustion at higher levels. As long as price holds above the 5,300 support, the structure favors a continuation of the pullback-buying approach. However, failure to sustain above 5,300 would signal profit booking and a potential mean reversion toward 5,120 and 5,010. Overall, the broader structure has shifted from bearish to short-term bullish, but upside momentum may remain capped near the upper resistance band unless a decisive breakout occurs.
Buy Above: 5,450 Targets: 5,520 – 5,600 Stop-Loss: 5,300
Sell Below: 5,300 Targets: 5,120 – 5,010 Stop-Loss: 5,430
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Validity
19/02/2026
Pivot
5423.33
Buy Above
5444.29
R1
5473.11
R2
5503.24
R3
5556.95
Stop Loss
5436.43
Pivot
5423.33
(All values are in INR)
Sell Below
5402.37
S1
5373.55
S2
5343.42
S3
5289.71
Stop Loss
5410.23
GOLD
Tuesday 20 January, 2026
Below is the Gold Futures (4H) analysis strictly in the SAME FIXED FORMAT, as confirmed earlier. No deviation.
Gold Futures continue to trade in a well-defined bullish structure, sustaining above the rising channel and holding firmly above the key breakout zone near 143,800–144,000. The recent strong impulsive move has pushed price toward the upper end of the channel, reflecting sustained buyer dominance and strong momentum continuation. The prior supply zone has now decisively flipped into support, confirming a classic resistance-turned-support behavior. As long as Gold maintains above the 143,500–143,800 region, the broader trend remains bullish with higher highs and higher lows intact. Minor consolidation near current levels is healthy and does not indicate weakness unless price slips back below the broken resistance zone. Any corrective dips toward 144,000–143,800 are likely to attract fresh buying interest. Only a breakdown below 143,000 would weaken the bullish structure and shift momentum into a deeper corrective phase. Overall, trend bias remains firmly positive with buy-on-dips preferred.
Buy Above: 144,000 Targets: 145,500 – 146,800 Stop-Loss: 143,200
Sell Below: 143,000 Targets: 141,800 – 140,500 Stop-Loss: 144,200
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Validity
05/02/2026
Pivot
142352.67
Buy Above
142688.83
R1
143151.05
R2
143634.28
R3
144495.69
Stop Loss
142562.77
Pivot
142352.67
(All values are in INR)
Sell Below
142016.51
S1
141554.29
S2
141071.06
S3
140209.65
Stop Loss
142142.57
NATURALGAS
Tuesday 20 January, 2026
Understood. Below is the Natural Gas Futures analysis strictly in the SAME FIXED FORMAT, no deviation.
Natural Gas Futures continue to trade within a broader bearish structure, despite the recent sharp rebound from the 280–285 demand zone. The price has broken above the short-term falling channel, triggering a relief rally; however, this move is currently facing strong supply pressure near the 335–340 resistance zone, which aligns with a prior breakdown area and a descending trendline. The overall structure still reflects lower highs on the higher timeframe, suggesting that the recent upside move is corrective rather than a trend reversal. As long as price remains below the 340–350 resistance band, sellers are likely to regain control on rallies. The 313 level remains a crucial pivot support, and a failure to hold above this zone could expose Natural Gas back toward 280 and potentially 255. A sustained close above 350 is required to negate the bearish bias and shift momentum decisively in favor of buyers. Until then, the broader outlook remains cautiously bearish with sell-on-rise behavior expected.
Buy Above: 350 Targets: 365 – 380 Stop-Loss: 335
Sell Below: 313 Targets: 280 – 255 Stop-Loss: 330
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Validity
27/01/2026
Pivot
283.07
Buy Above
286.07
R1
290.21
R2
294.53
R3
302.24
Stop Loss
284.95
Pivot
283.07
(All values are in INR)
Sell Below
280.06
S1
275.92
S2
271.60
S3
263.89
Stop Loss
281.19
Market Commentary
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Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.
Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.
Analyst Certification: I/We, Ayushi Jain Research Analyst, authors, and the name subscribed to this report, hereby certify that all the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. NISM Research Analyst registration number – NISM-201900015194.
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