NYMEX crude oil had formed a triangle, which broke out on the upside. However, the break out couldn’t lead to a significant upside. From the high of $50.92, the oil has fallen back towards the area where the oil had taken support multiple times. In terms of Fibonacci retrenchment, the fall retraced 61.8% of the previous rise. From that golden ratio mark, the oil has started moving up once again. The oil can test the high of $50.92 with a potential to move higher. The recent low of $42.58 will act as a major support. Due to this there will be some Hike in price for upcoming week. Mcx Commodity Market Crude oil will also gets impacted.

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