Silver Quant Analysis: 20/Feb/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bullish trend along some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 40660. The positive rally could be extending all the way up to 40800-41000 levels in the upcoming sessions. Alternative scenario indicates that if the key resistance holding strong then the market might have a chance to retest the same and revise the trend to beaish once again. The downside rally could test up to 40400-40200 levels. Key support holds at 40200.