Silver Quant Analysis: 02/04/19

MCX Silver May futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend will some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will only be confirmed once the bearish the prices breaks below a key support holding at 37450. The negative rally could be extending all the way up to 37300-37100 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 37700-37900 level. Key resistance holds at 37900.