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What a strong quarter it was for Zoom Video (ZM) - Get Free Report , shares of which burst higher by 18.4% on Friday, closing at $94.05 after it reported its first quarterly results as a public company.

Earnings of 3 cents per share came in 2 cents ahead of expectations and increased 5 cents per share from the same quarter in the prior year. However, the bigger focus from investors was the top line, which surged more than 100% as revenue rang in at $122 million for the quarter. The result easily topped consensus expectations of $111.6 million.

Management's outlook for the full year included revenue in the range of $535 million to $540 million, easily ahead of analysts' estimates at $520 million.

Nearly every metric was strong, too. Customers spending more than $100,000 grew 120% year over year and customers with more than 10 employees grew 86% year over year. Gross margins were strong at 80%.

It's no wonder bulls have been busy gobbling this name up. It's also no surprise to see shares of Logitech (LOGI) - Get Free Report trading higher too, up 3% on the day, given that it's a compliment to Zoom rather than a competitor. Its CEO explained the company's role to Jim Cramer on his "Mad Money" show last month.

In any regard, how do we trade this wild stock?

Trading Zoom Video Stock

Daily chart of Zoom Video stock.

Zoom Video stock raced up toward $100, but couldn't breach the triple-digit barrier as shares now float at new highs. One could make an argument that Zoom is trading near its channel highs and that's where resistance is coming from.

If it can push up to test these levels, it should surpass $100. From there, bulls will need to decide if the quarter was good enough to warrant even more upside and justify a potential breakout over resistance.

I really like Zoom Video stock. It's a great business and the stock has acted really well. That said, it's already up 20% on the day and almost 200% from its $36 IPO price, while its valuation is astronomical. Trading at almost 50 times the upper range of management's full-year revenue outlook, this name is hard to chase.

While the results were good, the rally is being driven by a function of supply and demand -- not unlike Beyond Meat's  (BYND) - Get Free Reportpost-earnings surge.

So where can shares go?

ZM stock could rally up to and grind along channel resistance. Resistance can either keep the stock in check and force some digestion or a pullback, or it can give way and potentially turn to support.

On the downside, the first level of potential support is $90. Those were the prior highs in Zoom Video stock and that level acted as resistance last month. It's also near where uptrend support may come into play. Below that and $80 was also a notable level of prior resistance. Further, investors will also find the 10-day and 20-day moving averages near this mark, although both are now trending higher.

If $90 gives way, I would really like to see the 20-day moving average step in as support.

Behind the Label: How Zoom Zoomed Up to Become a Billion Dollar Tech Company

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