Silver Quant Analysis: 19/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 in bullish trend along with same corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 40300. The positive rally could be extending all the way up to 40450-40600 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 40000-39800 levels. Key support holds at 39800.