Nike shares have been on a roller coaster since the company aired its new ad with controversial ex-NFL star Colin Kaepernick. Despite the volatility, some market watchers advise investors to keep riding the stock.

"The bottom line is that Nike remains in an uptrend. Anytime you have some polarizing news like this, I think it's a good reminder to know that the company is different from the stock. The stock itself fell about 5.5 percent from its August high to last week's low, which was more than the major averages, but not that out of character for Nike," Frank Cappelleri, chief market technician at Instinet, said Monday on CNBC's "Trading Nation."

Cappelleri pointed to the stock's solid uptrend in place for the last year, and noted a pattern in Nike's declines. Six separate times, when the shares fell more than 6 percent, those drops led to "higher lows" and eventual buying opportunities. That leads him to be bullish at this juncture.

Others are less confident in where the stock is trading now, due in part to its lofty valuation.

"It's shot up so much, so fast, trading at 70 times earnings; that's too high for a company like that," said Michael Bapis, managing director with Vios Advisors at Rockefeller Capital Management, Monday on "Trading Nation."

The stock is trading near its 52-week high, Bapis pointed out, rallying from just above $60 per share at the start of the year to north of $80, Bapis pointed out. This makes him cautious on the name.

"No pun intended, but we're staying on the sidelines with Nike right now," he said.

Nike closed a little more than 2 percent higher on Monday, at $82.10 per share. It is the best-performing stock this year and over the last year.