Capture the Flag

Interesting multi-year 'flag' or 'pennant' pattern in Amgen (AMGN). Textbook technical analysis suggests that these patterns typically resolve in the direction of the primary trend. If using the 2005 high of about $85 as a reference, then the primary trend has been down.

In any event, these patterns tend to end with a bang rather than a wimper, as stocks often 'uncoil' at the end of the tapering pattern.

no positions