CRUDEOIL
Monday 12 January, 2026
Crude Oil Futures are currently trading within a broader sideways-to-corrective structure after repeated rejections from the upper resistance zone near 5,430–5,450. Price action shows lower highs forming under a declining trendline, indicating selling pressure on rallies. The market is consolidating around the 5,300–5,320 supply zone, which has acted as a strong pivot area in the past. As long as prices remain below 5,320, the near-term bias stays cautious to bearish, with downside risk toward the 5,120 support zone, followed by a major demand base near 5,010. A breakdown below 5,120 could accelerate selling pressure and expose lower levels. On the upside, a sustained breakout above 5,320 and confirmation above 5,430 would negate the bearish structure and open room for a move toward 5,560–5,600. Overall, Crude Oil remains range-bound with a slight bearish bias unless a decisive breakout occurs.
Buy Above: 5,320 Targets: 5,430 – 5,600 Stop-Loss: 5,240
Sell Below: 5,120 Targets: 5,010 – 4,950 Stop-Loss: 5,230
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Validity
16/01/2026
Pivot
5318.00
Buy Above
5349.68
R1
5393.24
R2
5438.78
R3
5519.96
Stop Loss
5337.80
Pivot
5318.00
(All values are in INR)
Sell Below
5286.32
S1
5242.76
S2
5197.22
S3
5116.04
Stop Loss
5298.20
GOLD
Monday 12 January, 2026
Gold Futures continue to respect a well-defined rising channel, confirming that the broader trend structure remains bullish. Price has once again moved into a major supply zone near 140500–141000, marked by repeated rejections in the past. The recent pullback from this zone indicates active profit booking and supply absorption, rather than aggressive distribution. Importantly, price is still holding above the key demand and breakout base at 133500, which remains the most critical level for trend validity. The current consolidation inside a minor rising channel suggests a pause before the next directional move. As long as Gold sustains above 135000–136000, the bias stays positive with potential for another attempt toward the 140500–141000 resistance zone. A clean breakout and acceptance above 141000 would shift momentum strongly bullish and open upside toward 143500–145000. On the downside, a decisive breakdown below 133500 would invalidate the immediate bullish structure and expose deeper corrective levels near 129000, where higher-timeframe demand is positioned. Overall, the structure favors buy-on-dips while price remains above the major support band.
Short-Term Research Trade Levels
Buy Above: 135500–136000 Targets: 138800 – 140500 Stop-Loss: 133500
Sell Below: 133500 Targets: 131000 – 129200 Stop-Loss: 135200
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Validity
05/02/2026
Pivot
138699.33
Buy Above
138990.69
R1
139391.31
R2
139810.14
R3
140556.75
Stop Loss
138881.43
Pivot
138699.33
(All values are in INR)
Sell Below
138407.97
S1
138007.35
S2
137588.52
S3
136841.91
Stop Loss
138517.23
NATURALGAS
Monday 12 January, 2026
Natural Gas Futures remain in a strong bearish corrective phase after a sharp rejection from the upper rising channel near the 470–480 zone. Price has decisively broken below the previous consolidation structure and is now trading inside a well-defined falling channel, indicating sustained selling pressure. The breakdown below the 320–313 support zone has weakened the broader structure, confirming a shift from consolidation to trend continuation on the downside. As long as prices remain below 320, the bias stays bearish, with immediate downside potential toward the 280 support level, followed by the next major demand zone near 255. Any pullback toward the 315–320 region is likely to face selling pressure unless price reclaims this zone with strong volume. A sustained recovery above 340 would be required to negate the bearish setup and shift momentum back toward 360–380. Overall, trend structure remains decisively bearish, with rallies expected to be sold into.
Sell Below: 313 Targets: 280 – 255 Stop-Loss: 322
Buy Above: 340 Targets: 360 – 380 Stop-Loss: 330
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Validity
27/01/2026
Pivot
300.57
Buy Above
304.49
R1
309.88
R2
315.51
R3
325.56
Stop Loss
303.02
Pivot
300.57
(All values are in INR)
Sell Below
296.65
S1
291.26
S2
285.62
S3
275.58
Stop Loss
298.12
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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