Silver Quant Analysis: 14/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 consolidation and retesting after few negative rallies inside the channel, where the market is expected to continue on the bullish trend. The positive rally could be extending all the way up to 39700-39900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 39450 then it might turn bearish once again. The downside rally could test up to 39300-3910 levels. Key resistance holds at 39900.