CRUDEOIL
Monday 5 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures continue to trade within a broader corrective structure after failing to sustain above the key supply zone near 5430–5450. The price action shows repeated rejection from the descending trendline, confirming persistent selling pressure on rallies. Although a short-term recovery emerged from the 5010–5050 demand zone, the rebound has stalled near 5300, which now acts as a crucial resistance and trend-defining level. As long as price remains below the falling trendline and the 5300–5330 resistance band, the broader bias stays neutral-to-bearish. The current structure suggests consolidation with a downside risk, where a failure to hold above 5120 could reintroduce selling pressure toward 5010, followed by 4920. On the upside, only a decisive breakout and sustained close above 5330 would negate the bearish structure and open room for a recovery toward 5450 and 5600. Overall, price action remains range-bound with a bearish tilt unless key resistance levels are reclaimed.
Short-Term Research Report Call
Buy Above: 5330 | Targets: 5450 – 5600 | Stop-Loss: 5230
Sell Below: 5120 | Targets: 5010 – 4920 | Stop-Loss: 5235
Click here to view PDF
Validity
18/12/2025
Pivot
5223.67
Buy Above
5235.99
R1
5252.93
R2
5270.64
R3
5302.21
Stop Loss
5231.37
Pivot
5223.67
(All values are in INR)
Sell Below
5211.35
S1
5194.41
S2
5176.70
S3
5145.13
Stop Loss
5215.97
GOLD
Monday 5 January, 2026
Technical Outlook – Gold Futures (4H)
Gold Futures continue to trade within a well-defined rising channel, reflecting a structurally bullish trend despite recent volatility. After testing the upper channel resistance near the 140,000 zone, price witnessed a sharp corrective move and has now stabilized above the key horizontal support placed around 133,500–133,400, which aligns with the mid-to-lower band of the rising channel. This zone is technically important as it marks previous consolidation and breakout support. As long as Gold holds above 133,500, the broader bullish structure remains intact and the current phase can be treated as a healthy pullback rather than a trend reversal. A sustained move back above 136,000 could trigger renewed upside momentum toward 138,500, followed by a retest of the channel high near 140,000–141,500. However, a decisive breakdown below 133,500 would weaken the bullish bias and may lead to a deeper retracement toward 131,500 and 129,200, where stronger demand is expected. Overall, the trend remains cautiously bullish, with near-term direction dependent on price behavior around the 133,500 support zone.
Short-Term Research Report Call
Buy Above: 136,000 | Targets: 138,500 – 140,500 | Stop-Loss: 133,900
Sell Below: 133,500 | Targets: 131,500 – 129,200 | Stop-Loss: 135,200
Click here to view PDF
Validity
05/02/2026
Pivot
133720.00
Buy Above
134198.08
R1
134855.44
R2
135542.68
R3
136767.76
Stop Loss
134018.80
Pivot
133720.00
(All values are in INR)
Sell Below
133241.92
S1
132584.56
S2
131897.32
S3
130672.24
Stop Loss
133421.20
NATURALGAS
Monday 5 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures remain under strong bearish pressure after a decisive breakdown from the earlier rising channel structure. The sharp sell-off from the 470–480 region confirmed trend exhaustion, followed by a sustained impulsive decline that shifted the market structure to bearish. Price is currently trading near the major demand zone around 330–325, which has previously acted as a base during earlier consolidations. This zone is technically critical, as it represents the last meaningful support before a potential continuation toward deeper downside levels. As long as Natural Gas trades below the former breakdown resistance near 360–370, the recovery attempts are likely to remain corrective in nature. Any short-term bounce from current levels may face selling pressure near 375–385, followed by a stronger supply zone around 410–420. A sustained breakdown below 325 would expose the market to further downside toward 313 and potentially 300. Overall, the trend bias remains bearish, with price action favoring sell-on-rise strategies unless key resistance levels are reclaimed decisively.
Short-Term Research Report Call
Buy Above: 385 | Targets: 405 – 420 | Stop-Loss: 372
Sell Below: 325 | Targets: 313 – 300 | Stop-Loss: 340
Click here to view PDF
Validity
26/12/2025
Pivot
377.27
Buy Above
380.00
R1
383.76
R2
387.70
R3
394.71
Stop Loss
378.98
Pivot
377.27
(All values are in INR)
Sell Below
374.53
S1
370.77
S2
366.84
S3
359.82
Stop Loss
375.56
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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