CRUDEOIL
Thursday 23 July, 2026
Short term - Technical Outlook
Crude Oil futures are currently trading near 8,412, showing a marginally positive candle after opening at 8,399 and edging toward the session high of 8,421. The price has been in a powerful and sustained uptrend over the recent sessions, with a clear staircase structure of higher lows and higher highs driving price from the 7,660 zone to the current levels near 8,400. The most recent sessions have seen price push into fresh highs near 8,534, followed by a brief pullback and consolidation near the 8,354–8,412 zone, with the current candle reflecting stabilization within this range.
The broader structure is firmly bullish, with the ascending trendline visible on the chart providing dynamic support below current price levels. The consistent green candle dominance and shallow pullbacks confirm strong underlying buyer conviction. A sustained close above 8,610 would confirm a fresh breakout and open the path toward 8,655 and higher extension levels within the ascending channel. The current consolidation near 8,354–8,412 is characteristic of a healthy pause within a strong uptrend rather than a trend reversal.
On the downside, immediate support lies near 8,354–8,260, followed by stronger structural demand at 8,010. A breakdown below 8,354 would invite a short-term corrective move toward 8,310–8,260, though the dominant bullish structure and ascending trendline strongly favour buyers on any dip while price holds above the key support zone.
Short term Research Report Call
Buy Above: 8,610 | Targets: 8,655, 8,700 | Stop-loss: 8,565
Sell Below: 8,355 | Targets: 8,310, 8,265 | Stop-loss: 8,400
Validity
19/08/2026
Pivot
8403.00
| Signal | Trigger level | Targets | Stop loss | ||
|---|---|---|---|---|---|
| Target 1 | Target 2 | Target 3 | |||
| Buy AboveBullish buy signal | 8459.80 | R18537.90 | R28619.55 | R38765.10 | Stop Loss8438.50 |
| Pivot | 8403.00 | (All values are in INR) | |||
| Sell BelowBearish sell signal | 8346.20 | S18268.10 | S28186.45 | S38040.90 | Stop Loss8367.50 |
GOLD
Thursday 23 July, 2026
Short term - Technical Outlook
Gold futures are currently trading near 145,690, showing a mild negative candle after opening at 145,830 and easing slightly below the opening level. The price has surged sharply over the recent sessions from the lows near 140,410, with a prominent green candle reclaiming the 145,370 zone and pushing into the 145,690–146,000 range. The current candle reflects a brief consolidation following the sharp recovery, with buyers maintaining a foothold above the key support zone while the overhead resistance at 146,290–146,830 continues to cap further upside.
The broader structure has shifted cautiously bullish in the near term following the sharp recovery from the recent lows. The sequence of higher lows from the bottom and the strong green candle reclaiming multiple resistance levels signal renewed buyer conviction. A sustained close above 146,830 would confirm the recovery has gained meaningful traction and open the path toward 148,330 and higher, representing a significant structural improvement. However, the medium-term overhead supply from the prior decline continues to warrant caution until price can sustain above the 146,830 zone.
On the downside, immediate support lies near 145,370–144,910, followed by stronger structural demand at 142,570. A clear break below 145,370 would signal the recovery is stalling and invite corrective pressure toward the 143,870 zone, though the recent candle structure and momentum suggest buyers remain active above the 145,000–145,370 band.
Short term Research Report Call
Buy Above: 146,830 | Targets: 148,330, 149,830 | Stop-loss: 145,330
Sell Below: 145,370 | Targets: 143,870, 142,370 | Stop-loss: 146,870
Validity
05/08/2026
Pivot
145330.33
| Signal | Trigger level | Targets | Stop loss | ||
|---|---|---|---|---|---|
| Target 1 | Target 2 | Target 3 | |||
| Buy AboveBullish buy signal | 145600.57 | R1145972.15 | R2146360.62 | R3147053.11 | Stop Loss145499.23 |
| Pivot | 145330.33 | (All values are in INR) | |||
| Sell BelowBearish sell signal | 145060.09 | S1144688.51 | S2144300.04 | S3143607.55 | Stop Loss145161.43 |
NATURALGAS
Thursday 23 July, 2026
Short term - Technical Outlook
Natural Gas futures are currently trading near 283.5, showing a mild positive candle after opening at 282.1 and edging higher toward the session high of 283.7. The price has recovered from the lower support zone near 279–281 over the recent sessions, with a sharp green candle pushing price back toward the 282.6–284.8 resistance band. The current candle reflects continued buyer interest following the recovery, with price attempting to establish a foothold above the 282.6 level.
The broader structure remains in a post-breakdown consolidation phase, with price continuing to oscillate within the 275–286 range without establishing a clear directional trend. The recent recovery from the 279 lows has been encouraging for buyers, but the overhead resistance at 284.8–286 continues to cap meaningful upside. A sustained close above 286 would be the first credible signal of a more sustained recovery and invite continuation toward 288 and higher, while failure to hold 282.5 would maintain the bearish bias and expose the 280.5 zone.
On the downside, immediate support lies near 282.6–281.3, followed by deeper structural demand at 279–276. A clear break below 282.5 would invite renewed selling pressure toward 280.5 and lower, though the current candle suggests buyers are making a short-term attempt to hold the 282–283 zone.
Short term Research Report Call
Buy Above: 286 | Targets: 288, 290 | Stop-loss: 284
Sell Below: 282.5 | Targets: 280.5, 278.5 | Stop-loss: 284.5
Validity
28/07/2026
Pivot
281.40
| Signal | Trigger level | Targets | Stop loss | ||
|---|---|---|---|---|---|
| Target 1 | Target 2 | Target 3 | |||
| Buy AboveBullish buy signal | 282.46 | R1283.91 | R2285.43 | R3288.13 | Stop Loss282.06 |
| Pivot | 281.40 | (All values are in INR) | |||
| Sell BelowBearish sell signal | 280.34 | S1278.89 | S2277.37 | S3274.67 | Stop Loss280.74 |
SILVER
Thursday 23 July, 2026
Short term - Technical Outlook
Silver Futures are currently trading near 227,180, showing a mild negative candle after opening at 227,758 and easing from the session high of 228,090. The price has recovered sharply from the lows near 214,500 over the recent sessions, with a strong green candle pushing price above the 226,170 zone and into the 227,000–228,000 range. The current candle reflects a brief consolidation following the recovery surge, with price holding within the 226,170–229,430 band and buyers maintaining the upper hand in the near term.
The broader structure has improved meaningfully following the sharp recovery from recent lows, with price reclaiming several key support zones and now approaching the 229,430–231,100 resistance band. The recovery momentum has been strong and consistent, suggesting genuine buyer participation rather than a short-covering bounce. A sustained close above 231,100 would confirm the recovery has legs and open the path toward 233,600 and higher, though the overhead resistance at 229,430–231,100 represents a significant supply zone that sellers may defend aggressively.
On the downside, immediate support lies near 226,170–224,430, followed by deeper structural demand at 220,360. A clear break below 226,170 would signal the recovery is losing momentum and invite renewed selling pressure toward 223,670 and lower, though buyers have demonstrated willingness to defend the 224,000–226,000 zone in recent sessions.
Short term Research Report Call
Buy Above: 231,100 | Targets: 233,600, 236,100 | Stop-loss: 228,600
Sell Below: 226,170 | Targets: 223,670, 221,170 | Stop-loss: 228,670
Validity
04/09/2026
Pivot
226790.00
| Signal | Trigger level | Targets | Stop loss | ||
|---|---|---|---|---|---|
| Target 1 | Target 2 | Target 3 | |||
| Buy AboveBullish buy signal | 227525.36 | R1228536.48 | R2229593.56 | R3231477.92 | Stop Loss227249.60 |
| Pivot | 226790.00 | (All values are in INR) | |||
| Sell BelowBearish sell signal | 226054.64 | S1225043.52 | S2223986.44 | S3222102.08 | Stop Loss226330.40 |
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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.