Blackberry/TheStreet

Shares of BlackBerry (BB - Get Report)  were on the move Friday, rallying 13.63% to close at $10.09 after the company beat fourth-quarter earnings and revenue estimates.

As a result, BlackBerry stock is hitting its highest levels since early October. Despite the big rally, investors are looking for more upside. Their hope is that the earnings report will be a strong enough catalyst to justify more upside.

BlackBerry reported earnings of 11 cents per share, 5 cents ahead of analysts' expectations. Revenue of $257 million topped estimates by more than $14 million (a beat by 5.75%) and grew 7.5% year over year.

Let's see how the charts look after the impressive numbers. 

Trading BlackBerry Stock

18-month chart of BlackBerry stock.
18-month chart of BlackBerry stock.

BlackBerry stock is posting a strong move in midday Friday trading and bulls will want to see the stock close strong on the day. Before Friday's rally though, BlackBerry stock was holding the 50-day and the backside of prior downtrend resistance (purple line).

With the rally though, shares gapped up over the 20-day and 200-day moving averages, as well as a key level at $9.50.

On Thursday, we saw strong rallies in Lululemon (LULU - Get Report) and PVH Corp. (PVH - Get Report) , but on Friday those stocks are pulling back. Will BlackBerry experience similar profit-taking price action in the days to come?

If so, bulls will want to see the $9.50 level hold as support, with the hope that a rising 20-day moving average can eventually give it a further lift. Without a notable pullback though, bulls would love to see $10 buoy BlackBerry stock. Not only would this mark put BlackBerry over another potential level of downtrend resistance, but the 50% Fibonacci retracement for the 52-week range sits just under $10, at $9.97.

At this point, it's too early to say whether ~$10 acts as support or resistance. If it's support, bulls can target $10.75 on the upside, where the 61.8% retracement is. If it acts as resistance, the $9.20 to $9.50 level should support BlackBerry stock.

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