NEW YORK (TheStreet) -- Shares of Owens Corning  (OC - Get Report) were in full rally mode on Wednesday. The momentum behind this breakout move could send the stock to new all-time highs. 

After Owens Corning released its latest quarterly results, investors began aggressively bidding up shares. By the close, the stock had gained more than 5.5% on its heaviest upside trade since early February. This powerful move pushed the stock back up to its 2015 highs as a new bull leg appears to be underway.

Following Owens Corning's first-quarter earnings report back on April 22, the stock opened with a huge gap higher open. In the early going, the upside momentum was very strong, but by midday the stock began to fade. By the close, Owens Corning was in the red and had left behind an ominous spike high at $45.70.

The stock continued to struggle in the aftermath, and by early May, it had returned to its February and March lows near $37.80. Owens Corning recovered nicely off this key support zone, but was unable to clear the $43 area. The stock's May and June highs were capped just below this level.

As the post-first-quarter earnings consolidation continued into July, volume remained well below average.

Heading into Wednesday's earnings report, the pattern was turning more bullish, with two straight higher monthly lows and a pickup in trade. This was still not enough to drive the stock past the May and June highs.

Owens Corning got the spark it needed from Wednesday's report to convincingly clear $43. The breakout move has a great deal of momentum behind it and should easily lift the stock to new all-time highs. Owens Corning may need to work through a short-term consolidation before taking out the April peak, but once rested, the stock will be set up well for a move past the all-time high set back in March of last year at $46.65.

Owens Corning now has a very solid layer of support in place near the $43 area. The previous two months' highs are here, as well as last week's top. A light-volume drift back down to this area would produce a very low-risk buying opportunity.

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