Silver Quant Analysis: 14/03/19

MCX Silver May futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The negative rally could be extending all the way up to 38600-38400 levels in the upcoming session. An alternative scenario indicates that if the market breaks above a key resistance holding at 38900 then it might revise the to bullish once again. The upside rally could test up to 39100-39300 level. Key support holds at 38400.