Silver Quant Analysis: 06/03/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in raily time frame. Last session ended up in bullish trend after few negative rallies inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 39150. The positive rally could be extending all the way up to 39300-39450 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 38750-38500 level. Key support at 38500.