Shares of Campbell Soup (CPB - Get Report)   ripped higher Wednesday, closing higher by 10.1% to $41.95, after earnings beat Wall Street forecasts.

The big move follows an already steep rally over the past week and comes after the company reported its third-quarter results. Campbell is seeing a resurgence as its snack lineup received a potent shot in the arm following its $6.1 billion acquisition of Snyder's-Lance last year.

Earnings of 56 cents per share fell 5% year over year, but easily topped expectations of 47 cents. Helping fuel the stock higher was Campbell's revenue, as sales of $2.39 billion grew 12% and were higher than estimates of $2.35 billion.

A boost to its full-year outlook also resonated with investors. Of all the big earnings reports on Tuesday evening and Wednesday morning -- including Salesforce (CRM - Get Report) , GameStop (GME - Get Report) , American Eagle Outfitters (AEO - Get Report) and Ambarella (AMBA - Get Report) -- not many would've likely pegged Campbell Soup as the big winner.

With shares threatening to break out to new highs, can Campbell Soup stock push through?

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Trading Campbell Soup Stock

18-month daily chart of Campbell Soup stock.
18-month daily chart of Campbell Soup stock.

That $31.50 floor of support is pretty clear for Campbell Soup stock. It held in Q2 2018, Q4 2018 and Q1 2019. Since that last test though, shares have been working on a series of higher lows.

The stock has slowly but surely continued to push higher, eclipsing all three major moving averages, while getting its 50-day moving average to trend higher. With Wednesday's rally, the 20-day will soon join it, and the 200-day isn't far behind. All of these factors could be key developments to keeping the bullish momentum alive.

Further, the MACD reading suggests bulls now have the edge when it comes to momentum, while the relative strength index (RSI) says the stock is not yet overbought. Both are highlighted on the chart with blue circles. On Wednesday's rally, CPB stock was able to hurdle both short-term downtrend resistance (purple line) and the notable $40 level.

All of this is to say that the bulls have the stock moving in the right direction and new highs wouldn't be surprising.

On the chart, that means getting above $42.75, a little more than $1 per share from current levels. While increased stock market volatility may cause selling pressure in Campbell Soup, the stock may also act as a flight-to-safety candidate too. Still yielding close to 3.4% and after a strong report, investors may feel comfortable riding out the storm in this name.

On the downside, I want to see $40 hold as support while we wait for the 20-day to catch up.

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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.