NYSE:EL   Estee Lauder Companies, Inc. (The)

Flags are areas of tight consolidation in price action showing a counter-trend move that follows directly after a sharp directional movement in price. The pattern typically consists of between five and twenty price bars. Flag patterns can be either upward trending ( bullish flag ) or downward trending ( bearish flag ). The bottom of the flag should not exceed the midpoint of the flagpole that preceded it. Flag patterns have five main characteristics:

The preceding trend
The consolidation channel
The volume pattern
A breakout
A confirmation where price moves in the same direction as the breakout

The bull flag is much more predictable when it is created out of good earnings .

Game plan is to buy the break of resistance and follow the trend using the 9SMA as a trailing stop loss.

Source: Investopedia