Technical Talk: Brent Crude Lingers Just Under EMA 50 On Daily Charts

Brent Crude oil futures are witnessing some choppy action today after the sharp surge witnessed in last session. The commodity had tested near one and half month low before a rebound in last week. Lower Bollinger Bands also acted in favor of the counter though the momentum eased for the commodity after hitting highs above $ 75.80 per barrel. The counter currently trades at $ 74.40 per barrel and is trying to break above the 50 Day Exponential Moving Average (EMA) currently placed at $ 74.85 per barrel. A failure to hold above the same mark could bring in some moderation for the commodity after the massive surge last Friday.