Adobe Systems (ADBE) - Get Report was rising 4.6% in midday Friday trading after the company’s better-than-expected earnings.

Shares jumped in the opening minutes of trading and while the rest of the market remains rather choppy over a bevy of impeachment and trade-deal headlines, Adobe continues to tiptoe higher.

The company reported earnings of $2.29 per share, beating expectations by 3 cents, while revenue of $2.99 billion grew 21.5% year over year and eked past estimates by $20 million. Despite a mixed but mostly in-line guide from management, shares are taking off on the day.

The move has sent the stock to new all-time highs on the day as bulls shrug off any potential concern moving forward. Let’s take a look at the charts.

Trading Adobe Stock

Daily chart of Adobe stock. 

Daily chart of Adobe stock. 

Friday’s rally is more than just a post-earnings bump for Adobe stock. Instead, the stock is breaking out over notable resistance while it runs to new highs.

The resistance area between $310 and $313 has been in play for a while now, stymieing Adobe’s rallies in July, November and December. Breaking through it now is a considerable feat, provided Adobe can maintain most of Friday's gains. 

Now, though, it’s critical that this area acts as support should ADBE shares pull back in the future. Without knowing when or how far Adobe will pull back it’s hard to estimate what its support levels should be. Obviously, the $310 to $313 area is now a significant line of defense for the bulls.

Other support levels include uptrend support (blue line) and the 20-day moving average.

The shares haven't had the easiest ride over the past few months. After hitting resistance around $310, shares became trapped in a nasty downtrend (purple line). The stock broke below all of its major moving averages and hit a low just below $260.

However, in November shares broke out over downtrend resistance, as well as several major moving averages. It gapped up a few days later, kickstarting the massive rally bulls have enjoyed over the past six months. From that gap-up low on November 5th, ADBE stock has a Fibonacci extension up at $330, which traders can use as their first upside target should the stock continue its post-earnings rally.