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Twitter  (TWTR) - Get Free Report was flying high Thursday, rallying more than 17% on the heels of fourth-quarter earnings.

Twitter hit a revenue milestone in the period, surpassing $1 billion in quarterly revenue for the first time. While bottom-line numbers came in lower than expected, at 15 cents a share vs. the 28-cent average Wall Street analyst estimate, investors were willing to forgive the lower EPS number in exchange for massive user growth.

Twitter saw monetizable daily active users grow by 21% in the fourth quarter - far exceeding user growth estimates.

That’s what is spring-boarding shares higher on Thursday.

But Twitter’s double-digit earnings reaction could be just the beginning.

From a technical analysis standpoint, Twitter looks like it still has upside room to run from here. To figure out how to trade it, we’re turning to the charts for a technical look.

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Twitter’s proclivity to move higher isn’t a huge surprise. The last time we looked at the technical picture back in December this stock was carving out a pretty textbook bottom following an abrupt post-earnings selloff.

The breakout through $31 a few days later cleared the way for a sustained upside move. Shares started off 2020 oversold and came into earnings with the scales clearly tipped in buyers’ favor. That made the fourth-quarter's  positive results much more likely to blast shares higher.

Now that the earnings reaction is in play, Twitter looks like it’s got a pretty clear path towards a re-test of 2019 highs, up around the $46 level. That’s about an 18% upside move from where shares sit right now. Simply put, even with the explosive size of Thursday's rally, Twitter could keep on trending higher in the coming weeks.

Shorter-term, it’s pretty common to see a little retracement following such a strong event-driven move. Investors who didn’t get into Twitter on the initial bullish call back in December should look for a modest pullback as a buying opportunity.

More concretely, Thursday's big trading range provides an important do-not-cross line for Twitter’s upside move to hold. If Twitter violates its low Thursday, then shares are likely to fade back to their trend line from January.

Ideally - and more likely - we’ll see a small pullback followed by some sideways consolidation, giving buyers a chance to catch their breath before the next leg higher.

Twitter’s earnings reaction may be massive, but this social media stock looks like it has more upside ahead in 2020.