Silver Quant Analysis: 05/03/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation if the trend will be confirmed once the prices breaks below a key support holding at 38000. The negative rally could be extending all the way up to 37900-37700 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 38250- 38450 level. Key resistance at 38450.