Shares of Lululemon Athletica (LULU - Get Report)  are ripping higher, up more than 6% to $200.40 on Friday.

The move comes after the company's better-than-expected earnings results. Shares are now up an impressive 64% so far in 2019, although they're up "just" 31% in the past 12 months.

Earnings of 96 cents per share beat estimates by 7 cents per share, while revenue of $883.35 million grew 22.1% year-over-year and topped estimates by almost $40 million.

More importantly, though, gross and operating margins improved year-over-year, while management gave a boost to its full-year revenue outlook. Further, the company's full-year outlook for both sales and earnings came in ahead of consensus expectations.

Last but certainly not least, comparable-store sales surged 11% in the quarter, more than double expectations for 5.2% growth.

Given the beat-and-raise, expanding profitability and robust comp-store sales results, it seems surprising that Lululemon stock isn't up more. That said, share are hitting new all-time highs on the day. Is there more room to the upside?

Trading Lululemon Stock

Weekly chart of Lululemon stock.
Weekly chart of Lululemon stock.

Above is a weekly chart of Lululemon stock, highlighting the longer-term trend that's been in place. Shares have now tripled over the last two years.

With Friday's rally, LULU stock is bursting through $190, a prior level of resistance. We can see a similar pattern from back in March. Lululemon stock pushed through the $160 to $165 area, igniting a big breakout. On the ensuing pullback, this prior resistance level acted as support before continuing higher until it hit resistance at $190.

Over that level now, the hope is that $190 will act as support on a future pullback. That would be very healthy price action, as well as a reasonable risk/reward spot for bullish traders.

On the upside, LULU stock has a significant trend line in place (blue line). Had shares rallied up to the $208-ish level on Friday, it would have hit this mark. Should shares continue higher in the next few sessions, $210 to $212 isn't out of the question, given how strong the quarter was.

Either way, the bottom line is simple for bulls: Make sure $190 holds as support. As long as that's the case, upside still exists, either to its prior trend or via the rising 10-week moving average.

As for its peers, Nike (NKE - Get Report) stock is slightly higher on the day, climbing about 30 basis points, while Under Armour (UA - Get Report) (UAA - Get Report) is down a similar amount, falling 0.35% in midday trading. 

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