Chart Patterns: Flags And Pennants

Bullish flag formations are found in stocks with strong uptrends. They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation. The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend. 
I the above chart breakout point is marked by yellow circle. Eventually , price moved 20% in the span of 6-7 trading sessions.