CRUDEOIL
Tuesday 23 December, 2025
Technical Outlook – Crude Oil Futures
Crude Oil continues to trade within a broader bearish structure, with price action respecting a well-defined descending trendline that has capped multiple recovery attempts. The recent bounce from the 5,010 demand zone has led to a short-term pullback rally, but the move remains corrective in nature as long as prices stay below the falling trendline and the 5,300–5,320 resistance band. This zone also coincides with a previous breakdown level, reinforcing it as a strong supply area. The overall bias remains cautious to negative, with sellers likely to regain control on any rejection near the trendline. A sustained breakdown below 5,150 would expose 5,010 once again, and a breach of this support could accelerate declines toward 4,900. On the upside, only a decisive close above 5,320 would signal a structural shift, opening room for a recovery toward 5,430 and 5,600. Until then, price action suggests range-to-bearish behavior with selling pressure dominating near resistance.
Short-Term Research Report Call
Buy Above: 5,320 | Targets: 5,430 – 5,600 | Stop-Loss: 5,230
Sell Below: 5,150 | Targets: 5,010 – 4,900 | Stop-Loss: 5,260
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
Tuesday 23 December, 2025
Technical Outlook – Gold Futures
Gold Futures continue to trade with a strong bullish bias, maintaining higher highs and higher lows after a decisive breakout from the prior corrective structure. Price has successfully transitioned from a falling channel into a rising channel, confirming a clear trend reversal in favor of buyers. The recent consolidation within the upward channel reflects healthy price digestion after the sharp rally, with buyers firmly defending the 134,000–133,500 zone, which now acts as a strong demand base. As long as Gold holds above this support region, the upside structure remains intact, and a sustained move above 136,800 could open the door for further upside toward 138,000, followed by 139,500. On the downside, any corrective pullback is expected to find buying interest near 133,500–132,800, aligning with channel support and prior breakout levels. The broader momentum remains positive, and only a breakdown below 132,500 would weaken the bullish structure and shift bias toward consolidation. Until then, the trend clearly favors continuation on the upside.
Short-Term Research Report Call
Buy Above: 136,800 | Targets: 138,000 – 139,500 | Stop-Loss: 133,900
Sell Below: 132,500 | Targets: 131,000 – 129,800 | Stop-Loss: 134,300
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
NATURAL GAS
Tuesday 23 December, 2025
Technical Outlook – Natural Gas Futures
Natural Gas remains under strong bearish pressure after a decisive breakdown from its rising channel structure, confirming a clear shift in trend from bullish to bearish. The sharp sell-off has unfolded within a steep descending channel, highlighting aggressive supply dominance. Price has now slipped below the key 360–355 support zone, which earlier acted as a demand base, turning it into immediate resistance on pullbacks. The current structure suggests continuation weakness, with the next major downside support placed near 345, followed by 330 if selling momentum accelerates. Any recovery attempts are likely to face selling pressure near 365–375, which aligns with the falling channel resistance and prior breakdown area. The broader bias remains decisively negative unless price reclaims 380 on a sustained closing basis, which would indicate short-term stabilization. Until such a reversal occurs, bears remain firmly in control, and downside continuation remains the dominant scenario.
Short-Term Research Report Call
Buy Above: 380 | Targets: 395 – 410 | Stop-Loss: 368
Sell Below: 350 | Targets: 340 – 330 | Stop-Loss: 362
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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