GPIL has formed a downtrend channel for the last six months. Price has created five no trading zones. No trading zone is an area where trading activities haven't taken place.
It has formed two excess on the lower band and three rejections two rejections from the upper bend. The control line has made eight touches.
Currently, the price is on the upper band of the parallel channel. Don't forget that price has provided two successful rejections from the upper band.
The trader can initiate a short position for the following targets: 313 - 304 - 290.