GPIL has formed a downtrend channel for the last six months.
Price has created 5 no trading zones. No trading zone is an area where trading activities haven’t taken place. It has constituted 2 excess on the lower band and 3 rejections, 2 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 of 313 – 304 – 290.
Invalidation: Breakout of the parallel channel.
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