Nike (NKE) - Get Report stock rallied 4.1% to $90.81 in Wednesday's trading session.

The move comes after the company's better-than-expected earnings report and thrusts shares to a new all-time high. While bulls are cheering the move, they also need to be cognizant of Nike's must-hold level on the charts.

Should the stock give up too much of its gains, it could end up turning lower despite the recent results.

Nike reported fiscal first-quarter earnings of 86 cents per share, 15 cents per share ahead of expectations. Revenue of $10.66 billion grew 7.1% year-over-year and topped analysts' expectations by $230 million. Management's outlook also reassured investors.

With a strong report in Nike's corner, it's important to see the stock hold up. Now over $90, investors are hoping $100 acts like a magnet for the stock price.

Trading Nike Stock

Daily chart of Nike stock.

Nike has already received nine price targets north of $100 since reporting earnings. The highest comes from Evercore ISI analysts, who assigned a $150 price target, implying more than 63% upside from current levels. Talk about optimism!

In any regard, before Nike stock can get to $150, it first has to get to $100. To get to $100, it would help tremendously if it held up over prior range resistance near $89.50.

There has been a trend line of resistance (blue line) in play for a year now. Holding up above that mark would certainly be inspiring to the bulls at this point. However, it's much more important to me that former range resistance acts as support.

Former range resistance comes into play at between $89 and $90 on the chart above, which is shown via the blue box. A pullback into this area that holds as support is bullish for investors.

I'm not sure if NKE stock will pull back to ~$90, but as long as it's above this mark, I wouldn't get too bearish on the name.

However, that sentiment changes if prior range resistance fails as support. If that happens, it puts a number of downside levels back on the table for Nike stock. Technically speaking, it even puts the possibility of a retest of range support down near $78 in the realm of possibilities, although it would likely take a market-wide correction to get Nike there.

The bottom line: Watch $89 to $90. Above it is bullish, below it is bearish.

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