CRUDEOIL
Friday 9 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures continue to trade in a short-term corrective structure within a broader sideways-to-bearish range on the 1H timeframe. Price is currently moving below a declining trendline resistance, indicating selling pressure on rallies. The recent bounce from the lower support zone near 5010–5050 appears corrective and has struggled to sustain above the intermediate resistance area around 5180–5200. As long as price remains below 5300, the near-term bias stays weak, with sellers likely to defend higher levels. A sustained move below 5100 would reinforce bearish momentum and could drag prices toward 5010 again. On the upside, only a decisive breakout above 5300 would negate the bearish structure and open scope for a move toward 5430. Until then, Crude Oil is expected to remain volatile with a sell-on-rise bias.
Short-Term Research Report Call
Buy Above: 5300 | Targets: 5380 – 5430 | Stop-Loss: 5220
Sell Below: 5100 | Targets: 5050 – 5010 | Stop-Loss: 5200
Click here to view PDF
Validity
16/01/2026
Pivot
5130.33
Buy Above
5149.21
R1
5175.17
R2
5202.31
R3
5250.69
Stop Loss
5142.13
Pivot
5130.33
(All values are in INR)
Sell Below
5111.45
S1
5085.49
S2
5058.35
S3
5009.97
Stop Loss
5118.53
GOLD
Friday 9 January, 2026
Technical Outlook – Gold Futures
Gold Futures continue to trade within a broader rising channel, indicating that the higher-timeframe trend remains bullish. However, recent price action shows a phase of consolidation and supply interaction near the upper resistance band around 140000–141000, where selling pressure has emerged. Price has pulled back sharply from this supply zone and is now stabilizing above the key structural support near 133500, which previously acted as a strong breakout base. The current movement appears to be a healthy corrective consolidation within the broader uptrend rather than a trend reversal. As long as prices sustain above 133500, the bullish structure remains intact, and a gradual recovery toward 138500–140000 can be expected. A decisive breakout above 141000 would open the door for further upside extension toward 143000–145000. On the downside, a breakdown below 133500 would weaken the bullish bias and expose deeper retracement levels toward 129000, where higher-timeframe demand is placed. Overall, trend bias remains cautiously bullish with near-term direction dependent on price behavior around the 133500–135000 support zone.
Short-Term Research Report Call
Buy Above: 135500 | Targets: 138500 – 140000 | Stop-Loss: 133500
Sell Below: 133500 | Targets: 131000 – 129000 | Stop-Loss: 135500
Click here to view PDF
Validity
05/02/2026
Pivot
137393.67
Buy Above
137642.15
R1
137983.81
R2
138341.00
R3
138977.73
Stop Loss
137548.97
Pivot
137393.67
(All values are in INR)
Sell Below
137145.19
S1
136803.53
S2
136446.34
S3
135809.61
Stop Loss
137238.37
NATURALGAS
Friday 9 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures remain under sustained selling pressure on the 1H timeframe and are trading within a well-defined descending channel, indicating a strong bearish short-term structure. Price has repeatedly failed near lower highs and is currently hovering close to a key demand zone around 305–300, which has acted as interim support in recent sessions. The broader trend remains negative as long as prices stay below the declining trendline resistance near 330–335. Any bounce from the current zone is likely to remain corrective unless accompanied by strong follow-through buying. A decisive breakdown below 300 would confirm continuation of the bearish trend and open further downside toward 280–255, where the next major demand zones are placed. On the upside, only a sustained move above 335 would weaken the bearish bias and allow a recovery toward 350–370. Overall, trend bias remains bearish, with rallies expected to face selling pressure.
Short-Term Research Report Call
Buy Above: 335 | Targets: 350 – 370 | Stop-Loss: 325
Sell Below: 300 | Targets: 280 – 255 | Stop-Loss: 315
Click here to view PDF
Validity
27/01/2026
Pivot
312.47
Buy Above
316.07
R1
321.02
R2
326.19
R3
335.42
Stop Loss
314.72
Pivot
312.47
(All values are in INR)
Sell Below
308.87
S1
303.92
S2
298.74
S3
289.52
Stop Loss
310.22
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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