ConAgra Brands (CAG - Get Report) is rallying 4.7% to $31.30, hitting fresh 2019 highs, in Thursday's trading session. 

The move comes after better-than-expected fiscal first-quarter earnings results. The question now becomes, are the results good enough to justify a continued rally in the stock price?

Earnings of 43 cents per share came in 5 cents ahead of expectations. However, revenue of $2.39 billion missed analysts' expectations by $90 million, despite growing 30.6% year-over-year.

However, management's full-year outlook edged consensus expectations. The company is looking for revenue growth between 13.5% and 14.5%, ahead of analysts' estimates for 13.4% growth. For earnings, management expects profit between $2.08 and $2.18 per share, with the midpoint coming in ahead of consensus estimates at $2.09 per share.

So again we ask, is it enough to drive ConAgra stock higher?

Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!

Trading ConAgra Stock

Daily chart of ConAgra stock.
Daily chart of ConAgra stock.

ConAgra stock's 4%+ rally is a big move, even if it doesn't look like it on paper. While it may not be a big gain for the day, it propels the stock over uptrend resistance (blue line), the 38.2% retracement at $30.22 and above the prior 2019 high at $30.85.

So long as CAG stock remains above $30 now, bulls can stay long and will likely become dip-buyers if this one can start to trend higher.

On the upside, let's see if ConAgra stock can continue its post-earnings rally. If so, a run to the 23.6% retracement at $32.70 is the first upside target. Above that, it can continue into the mid-$30s -- where it previously topped at in late 2018.

Should support fail and CAG stock break below $30, we need to reconsider some downside targets. The first is the 20-day and 50-day moving average confluence, currently just below $29. There's also uptrend support in play in that area as well.

If both fail, the 50% retracement currently rests at $28.55. Further, the 61.8% retracement and the 200-day moving average are both near $26.50, should the selling really get aggressive.

Here's the bottom line: Watch $30. Above it and CAG stock is still OK on the long side. Below warrants more caution.

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