CRUDEOIL
Friday 2 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures continue to trade within a broader corrective structure after failing to sustain above the key supply zone near 5430–5450. The price action shows repeated rejection from the descending trendline, confirming persistent selling pressure on rallies. Although a short-term recovery emerged from the 5010–5050 demand zone, the rebound has stalled near 5300, which now acts as a crucial resistance and trend-defining level. As long as price remains below the falling trendline and the 5300–5330 resistance band, the broader bias stays neutral-to-bearish. The current structure suggests consolidation with a downside risk, where a failure to hold above 5120 could reintroduce selling pressure toward 5010, followed by 4920. On the upside, only a decisive breakout and sustained close above 5330 would negate the bearish structure and open room for a recovery toward 5450 and 5600. Overall, price action remains range-bound with a bearish tilt unless key resistance levels are reclaimed.
Short-Term Research Report Call
Buy Above: 5330 | Targets: 5450 – 5600 | Stop-Loss: 5230
Sell Below: 5120 | Targets: 5010 – 4920 | Stop-Loss: 5235
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
Friday 2 January, 2026
Technical Outlook – Gold Futures
Gold Futures are currently in a corrective phase after facing rejection from the upper boundary of the rising channel. The sharp pullback from near the channel high has brought price back into the mid-channel region, where it is now stabilizing above a crucial horizontal support around 133,400–133,500. This zone is technically significant, as it aligns with the previous breakout base and has acted as a demand area during the recent consolidation. As long as Gold continues to hold above 133,500, the broader bullish structure remains intact, and the ongoing move can be treated as a healthy pullback within an uptrend. A sustained recovery above 136,000 could trigger renewed upside momentum toward 138,500, followed by a retest of the channel resistance near 140,000–141,000. However, a decisive breakdown below 133,400 would weaken the bullish bias and expose deeper downside levels near 131,000 and 129,200, where the next major demand zones are placed. Overall, the trend remains cautiously bullish, with near-term direction dependent on price behavior around the 133,500 support zone.
Short-Term Research Report Call
Buy Above: 136,000 | Targets: 138,500 – 140,000 | Stop-Loss: 133,900
Sell Below: 133,400 | Targets: 131,000 – 129,200 | Stop-Loss: 135,200
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
Friday 2 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures remain in a strong bearish corrective structure after a decisive breakdown from the rising channel. The sharp rejection near the channel top was followed by an aggressive sell-off, confirming a clear shift in momentum toward the downside. Price has now slipped below multiple short-term recovery channels and is trading near a crucial horizontal demand zone around 330–325, which coincides with the prior base formed before the last impulsive rally. This zone is technically important, as a sustained hold here could trigger a short-term stabilization or a corrective bounce. However, the overall structure continues to favor sellers as long as price remains below the broken channel support and the key supply area near 370–380. Any rebound toward 360–370 is likely to face selling pressure unless price reclaims 380 on a closing basis. A decisive breakdown below 325 would confirm continuation of the bearish trend and open the door for deeper downside toward 313, followed by 300. Overall, the trend bias remains bearish, with price action around the 325–330 zone acting as the immediate decision point.
Short-Term Research Report Call
Buy Above: 380 | Targets: 395 – 415 | Stop-Loss: 365
Sell Below: 325 | Targets: 313 – 300 | Stop-Loss: 345
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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