CRUDEOIL
Monday 19 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures have witnessed a sharp impulsive recovery from the 5,010 demand zone, forming a steep bullish channel on the 4H timeframe. Price has decisively broken above the key 5,303 resistance and extended the move toward the major supply zone near 5,600. The rally appears momentum-driven, supported by strong bullish candles, indicating aggressive short covering and fresh buying interest. However, the zone around 5,600 remains a critical resistance area, where price has historically faced rejection. As long as Crude Oil sustains above 5,300, the short-term structure remains positive, and dips are likely to be bought. A healthy consolidation or shallow pullback toward the 5,300–5,250 region would keep the bullish bias intact. Failure to hold above 5,300 may trigger profit booking, leading to a corrective move back toward lower supports. Overall, the trend has shifted bullish in the short term, but upside follow-through depends on a clean breakout above the 5,600 resistance zone.
Short-Term Research Report Call
Buy Above: 5,450 | Targets: 5,600 – 5,750 | Stop-Loss: 5,300
Sell Below: 5,300 | Targets: 5,150 – 5,010 | Stop-Loss: 5,450
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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
Monday 19 January, 2026
Technical Outlook – Gold Futures
Gold Futures continue to trade in a strong bullish structure, maintaining higher highs and higher lows within an ascending channel. Price has decisively reclaimed and sustained above the key 140,000 breakout zone, which has now turned into a strong demand base. The recent consolidation near the 142,500–143,000 region reflects healthy price acceptance after the breakout rather than distribution. As long as Gold holds above the 140,000–139,500 support zone, the broader bullish momentum remains intact. Minor pullbacks toward the rising channel support may attract fresh buying interest. A sustained move above the 143,500–144,000 resistance band would open the door for further upside continuation. Overall, the trend remains firmly bullish, with dips likely to be bought unless price slips back below the key breakout zone.
Short-Term Research Report Call
Buy Above: 143,000 | Targets: 144,500 – 146,000 | Stop-Loss: 140,800
Sell Below: 139,500 | Targets: 137,500 – 135,000 | Stop-Loss: 141,200
Click here to view PDF
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
Monday 19 January, 2026
Natural Gas Futures continue to trade in a strong bearish trend, with price firmly respecting a well-defined descending channel structure. The recent bounce from the 280–275 demand zone appears corrective in nature and has failed to alter the broader trend, as selling pressure re-emerges near the channel midline. Price remains below key breakdown levels around 330–340, confirming that bears remain in control and rallies are being used for short-covering rather than fresh accumulation. The inability to sustain above 313 further weakens the short-term structure, keeping the sequence of lower highs and lower lows intact. As long as Natural Gas trades below 320–325, downside risk remains elevated. A decisive breakdown below 280 would accelerate selling pressure and expose deeper supports near 255. Overall, the trend bias remains bearish, with only short-lived pullbacks expected unless a major resistance zone is reclaimed.
Buy Above: 325 Targets: 340 – 360 Stop-Loss: 310
Sell Below: 280 Targets: 255 – 235 Stop-Loss: 300
Click here to view PDF
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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