Silver Quant Analysis: 11/Feb/19

Mcx Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in a daily time frame. The last session ended up bullish in trend after a few negative rallies inside the chancel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 40200. The positive rally could be extending all the way up to 40350-40500 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong that the market might retest the some and revise the trend to bearish ones again. The downside rally could test up to 39900-39700 levels. key support holds at 39700.