CRUDEOIL
Wednesday 7 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures remain in a corrective and range-bound structure after facing repeated rejection near the 5,430–5,450 supply zone. Price continues to trade below a descending trendline, indicating that sellers are still defending higher levels aggressively. The recent pullback from the trendline resistance has brought prices back toward the 5,210–5,180 demand region, which has acted as a short-term base in the past. As long as Crude Oil holds above 5,120, the market is attempting to stabilize within a broad consolidation range. However, the overall structure remains weak while price stays below 5,300–5,320, where both horizontal resistance and the falling trendline converge. A sustained breakout above 5,320 would be required to shift momentum back in favor of buyers and open upside potential toward 5,430 and 5,500. On the downside, a decisive breakdown below 5,120 would confirm continuation of the bearish structure, exposing 5,010 as the next major support. Overall, bias remains neutral to bearish, with price action near 5,120–5,300 deciding the next directional move.
Short-Term Research Report Call
Buy Above: 5,320 | Targets: 5,430 – 5,500 | Stop-Loss: 5,210
Sell Below: 5,120 | Targets: 5,010 – 4,950 | Stop-Loss: 5,260
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Validity
16/01/2026
Pivot
5244.00
Buy Above
5261.92
R1
5286.56
R2
5312.32
R3
5358.24
Stop Loss
5255.20
Pivot
5244.00
(All values are in INR)
Sell Below
5226.08
S1
5201.44
S2
5175.68
S3
5129.76
Stop Loss
5232.80
GOLD
Wednesday 7 January, 2026
Technical Outlook – Gold Futures
Gold Futures continue to trade within a well-defined rising channel, indicating a structurally strong bullish trend despite intermittent pullbacks. Price has respected the mid-to-lower band of the channel near 133,500–133,800, which is also aligned with a key horizontal demand zone formed after the previous breakout. The recent consolidation and higher lows signal absorption of selling pressure, suggesting that the broader uptrend remains intact. As long as Gold holds above 133,500, the current move should be treated as a healthy pause within an ongoing bullish structure rather than a trend reversal. A sustained move above 139,500 would strengthen upside momentum and open the path toward 141,500–142,500, aligning with the upper channel projection. On the downside, a decisive breakdown below 133,500 would weaken the bullish bias and expose deeper retracement levels near 131,800 and 129,200, where stronger demand is placed. Overall, trend bias remains bullish with cautious optimism, while price action around the 133,500 zone remains the key trigger for the next directional move.
Short-Term Research Report Call
Buy Above: 139,500 | Targets: 141,000 – 142,500 | Stop-Loss: 133,900
Sell Below: 133,500 | Targets: 131,800 – 129,200 | Stop-Loss: 135,200
Click here to view PDF
Validity
05/02/2026
Pivot
138744.33
Buy Above
138928.01
R1
139180.57
R2
139444.61
R3
139915.29
Stop Loss
138859.13
Pivot
138744.33
(All values are in INR)
Sell Below
138560.65
S1
138308.09
S2
138044.05
S3
137573.37
Stop Loss
138629.53
NATURAL GAS
Wednesday 7 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures remain under strong bearish pressure after a decisive breakdown from the rising channel structure, followed by an impulsive sell-off. Price has slipped below multiple intermediate support zones and is now trading near the 306–300 region, which marks a critical long-term demand area. The failure to sustain above 340–350 confirms that recent pullbacks are corrective in nature rather than trend reversals. The broader structure continues to reflect lower highs and lower lows, indicating seller dominance. As long as Natural Gas trades below 335–340, upside attempts are likely to face selling pressure. A minor technical bounce cannot be ruled out from current levels; however, unless price reclaims 350, the trend remains decisively bearish. A sustained breakdown below 300 would further accelerate downside momentum, exposing 280 and 255 as the next major support zones. Overall, the bias remains bearish, with rallies expected to be sold into until key resistance levels are reclaimed.
Short-Term Research Report Call
Buy Above: 350 | Targets: 365 – 380 | Stop-Loss: 335
Sell Below: 300 | Targets: 280 – 255 | Stop-Loss: 320
Click here to view PDF
Validity
27/01/2026
Pivot
307.67
Buy Above
309.73
R1
312.57
R2
315.54
R3
320.82
Stop Loss
308.96
Pivot
307.67
(All values are in INR)
Sell Below
305.60
S1
302.76
S2
299.80
S3
294.51
Stop Loss
306.38
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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