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Shares of Nike (NKE) have been trading well, particularly since bottoming in December. Despite reporting a solid quarterly result year-end, worries linger on the name as it relates to China. 

That's not surprising. After all, we just heard that Apple (AAPL)  continues to struggle with its sales in China. So it's no wonder investors worry about other U.S. companies with exposure. 

However, Nike's stock just keeps running higher. It's not unlike a name such as Starbucks (SBUX) . Although there are concerns about its business in China -- thanks to both a slowdown in the Chinese economy and trade-war discussions between the U.S. and China -- shares of both companies continue to press higher. 

It's got many investors wondering if they missed their chance to get long Nike, given the lack of any notable pullbacks since Christmas. According to Oppenheimer analysts, there's still plenty of time. Analyst Brian Nagel upped his price target on Nike to $100 from $90, and kept it as a Top Pick with an outperform rating.

Nagel says he's "even more impressed" with Nike's "underlying operating prowess" and believes the company can continue to boost margins. A $100 price target implies about $17 in upside, or just over 20%. Should Nike achieve the feat, it will surely be a top performer this year.

The question is, can it do it?

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Trading Nike Stock

One-year chart of Nike stock
One-year chart of Nike stock

After pushing through $78 about a month ago, Nike stock has been trending higher in a relatively tight range. Shares are now hitting the highest levels since the start of October, shortly after Nike topped out around $85 to $86. Shares closed Monday up 1.6% at $83.68.

To get to $100, we'll eventually need to see this level give way. How do we get there? It wouldn't be the worst thing in the world to see Nike stock push up to $85-$86 and pullback. This wouldn't be surprising, given that shares are already flirting with an overbought condition and short of some big news, this level will likely bring in the sellers and induce some profit taking.

With earnings not on the calendar until the end of March, Nike will need to rely on investors to push the name higher provided the overall market can remain steady. A trade-war resolution between the U.S. and China would likely cause a flurry of buying as well. On the flip side, major deterioration in trade war discussions could sink Nike stock. 

Regardless of what happens going forward, I would love to see Nike pullback off a retest of those highs and consolidate in the lower $80s area before trying to push through resistance again. Should Nike stock push through resistance relatively quickly, it will be important for this former resistance area to then act as support. Ultimately, so long as NKE stock remains over that $78 to $79 level, longer-term bulls should be fine.

So will Nike stock reach $100? It needs a few cards to fall in its favor, but it's certainly possible.

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