Conn's (CONN) - Get Report  is one of the few names posting a big rally on Tuesday, the first trading session of the holiday-shortened week and the first one of September. 

Conn's stock is jumping 16.3% to $23.44 and is hitting its highest level since June following better-than-expected earnings results.

Second-quarter earnings of 62 cents per share easily beat expectations by 11 cents per share. Revenue of roughly $401 million grew 4.3% year-over-year and beat consensus estimates by approximately $3 million.

The company's two largest segments -- furniture and mattress, and home appliances -- both saw year-over-year growth in the quarter. The latter saw sales jump 8.6%, which isn't completely unexpected based on some of the consumer data we've seen from Home Depot (HD) - Get Report , JPMorgan (JPM) - Get Report , Whirlpool (WHR) - Get Report and others.

The results were enough to break Conn's stock out over a few key technical levels and put a new set of levels on watch.

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Trading Conn's Stock

Daily chart of Conn's stock.

Conn's has been a tough stock over the past year, logging a 52-week high of $42.65 and a low all the way down at $15.40.

That wide trading range has made it a tough ride for both investors and traders, and the latest quarterly result adds even more wild moves to Conn's trailing 12 months of price action.

Importantly, Conn's stock made several big moves. The first is gapping over channel resistance (blue line) and the 200-day moving average. Clearing the $22 level and its July highs at $22.25 was also a notch in the bull column.

However, the pivotal $24 level held the rally in check, sending Conn's stock back down to sub-$23. That doesn't mean the bull story is a one-day event. It just means that CONN stock has a new set of levels to consider.

On the downside, traders need to see that $22 holds as support. Same goes for the 200-day moving average. Over time, as prior channel resistance trends higher, bulls need to see this level turn to support.

On the upside, see if Conn's stock can push through $24. Above it and the 61.8% retracement for the one-year range just under $26 comes into play.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.