Silver Quant Analysis: 12/Feb/19

Mcx Silver March futures technical chart has taken the formation “Megaphone chart” pattern in 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 ones the prices breaks below a key support holding at 39750. The negative rally could be extending all the way up to 39600-39500 levels in the upcoming sessions. An alternation 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 40,000-40,250 levels. key resistance holds at 40250.