MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last sessions ended up in bullish trend aftera few negative rallies inside the channel, 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 40100. The positive rally could be extending all the way up to 40300-40500 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 39800-39500 levels. Key support holds at 39500.
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