Silver Quant Analysis: 8/Feb/19

Mcx Silver March futures technical chart has taken the formation of “megaphone chart” pattern in a daily time frame. Last few sessions ended up bearish in trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices break below a key support holding at 39800. The negative relly could be extending all the way to 39650-39500 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish once again. The upside rally could test up to 40,000-40300 levels. key resisnce honds at 40300.