Silver Quant Analysis: 21/Feb/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bullish trend along with some corrections retesting near the channel’s resistance slope line, where the market is expected to continue on the bearish trend. The negative rally could be extending all the way up to 40800-40500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 41000 then the market might continue on bullish once again. The upside rally could test up to 41200 level. Key support holds at 40500.