Silver Quant Analysis: 25/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 bullish trend after a long gap down formation 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 40500-40700 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 40150 then it might revise the trend to bearish once again. The downside rally could test up to 40000-39800 level. Key resistance at 40700.