IEX Daily chart -

Lets understand why this is a bearish formation and stock is not looking bullish.
What happened -> The trade which happened on 10th Dec saw crazy buying both in cash and futures, Stock had managed to hit a 10% UC on relatively higher volumes as well. All is was seen as bullish as the stock was trading around highs and all.
What has happened next -> Stock has broken the low of the high volume bar which had brought in lot of buyers as well and has trapped every one from that day.
What is expected now ?
I am expecting the stock to give some down move / consolidate around the lower end of the range at 250-235. Usually price gives a failure at one end of range and goes to other end of the range.
Disclosure - I do not have any open position in the stock while I am writing this post, but i am looking to create a bearish option spread in the stock based on my view.