Silver Quant Analysis: 22/Feb/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last session ended up in bearish trend after a long gap down formation inside the channel, where the market is expected to continue on the bearish trend. The continuation of trend will be confirmed once the prices breaks below a key support holding 40,000. The negative rally could be extending all the way up to 39850-39700 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 40350-40500 level. Key resistance at 40500.