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Mcx Silver may futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 37950. The negative rally could be extending all the way up to 37800-37600 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 38200-38400 level. Key resistance holds at 38400.
Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, testing all the way through 188-182 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 198 then it might turn bullish once again. The upside rally could test up to 204-210 level. Key support holds at 182.
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