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Ryder System (R) - Get Ryder System, Inc. Report was in full breakout mode on Wednesday. The stock finished the session with a 4.8% gain on its heaviest heaviest volume since early February.

This powerful move, which landed Ryder on the Top Ten gainers list in the S&P 500, drove shares past the September peak. The narrow consolidation pattern Ryder has been working through since the Brexit low may have ended with a powerful upside resolution. The stock is now set up well for more upside.

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Shortly after the Brexit low Ryder began to move sideways in a very tight range. The stock was unable to make a run at its 2016 highs but did manage to build a very solid base near its 200-moving average. With solid footing in place near the $62 area this 12-week pattern had strong potential. All Ryder stock needed was an upside jolt.

Yesterday morning's third-quarter earnings report provided the spark that drove shares through a major overhead trendline that links the April, June and July highs. Ryder now has plenty of room to run.

In the near term Ryder investors should consider the $68.50 to $66 area as a low-risk buy zone. This key area is now a very solid support zone. On the upside a key hurdle will be the April high near $72. Once past this level, the stock will be headed for a retest of its 40-week moving average near $73.65. The April high was held in check by this long-term indicator.

Also of note, Ryder sports a fairly high short interest ratio of 5.2. This will provide added fuel as shares continue to take out past monthly highs.

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