GOOG Options Signal Bullish Bias: Key Strikes and Block Trades Point to $320+ Upside Potential

• GOOG down 1.08% at $307.16, trading below its 30D moving average of $300.83
• Call open interest dominates at $320 and $335 strikes, with put/call ratio at 0.74 (calls outweigh puts)
• J.P. Morgan raises $385 price target; Alphabet’s $800B SpaceX stake hints at non-operating gains

The market is whispering a breakout. Despite today’s dip, options data and analyst upgrades scream for upside momentum. Let’s break down why $320 is the critical inflection point—and how to position for it.Where the Money Is Flowing: Calls at $320, Puts at $290, and Whale Moves

Options traders are stacking calls at the $320 strike (12,715 open contracts this Friday) and $335 (8,224 OI), while puts pile up at $290 (7,327 OI). This isn’t random—it’s a bet on a rebound. The put/call ratio of 0.74 (calls > puts) suggests buyers are pricing in optimism, even as the stock dips.

But don’t ignore the danger zone. The $290 put level has 7,327 open contracts, acting like a safety net for bears. If GOOG cracks that, the 200D support at $164.29 could become a death trap for overleveraged longs.

Block trades add intrigue. A 800-lot buy of the GOOG20250919C245 call (expiring Sept 19) and multiple unknown-direction calls in October 2025 hint at institutional positioning. These aren’t retail moves—they’re bets by players who see a $250+ floor.

News That Could Fuel the Fire

J.P. Morgan’s $385 target isn’t just a number—it’s a psychological trigger. Analysts love Alphabet’s AI-driven ad growth and the SpaceX windfall. Bloomberg’s $421 SpaceX valuation means Alphabet’s $800B stake could pad earnings like a secret slush fund.

But here’s the catch: the market already priced in half that optimism. The $385 target is 24% above today’s price. For that to materialize, GOOG needs to hold its 30D support at $284.45 and rally above $312.70 (today’s high). Otherwise, the SpaceX tailwind becomes background noise.

Your Playbook: Calls at $320, Stock Buy-Dips at $285

For options traders: GOOG20251219C320 (this Friday’s $320 call) and GOOG20251226C320 (next Friday’s same strike) are your best bets. With 12,715 and 8,125 open contracts respectively, these strikes have liquidity and directional momentum. If GOOG rebounds above $309.12 (Bollinger middle band), these calls could run.

Stock players: Consider entries near $285 (30D support range) with a tight stop below $280. A break above $312.70 (today’s high) validates the bullish case, targeting $320 first, then $335. For a safer play, buy the GOOG20251226P290 put to hedge downside while holding longs.

Volatility on the Horizon

This isn’t a binary call—it’s a chess game. The $320 call strikes are loaded with conviction, but the $290 puts are a reminder that bears aren’t out of the woods. If GOOG holds its 30D support and the RSI (currently at 57.9) breaks above 60, the $385 target suddenly feels plausible. But if it cracks $280, brace for a test of the 200D line.

Either way, the options market is pricing in a directional move. Your job? Pick your side before the storm hits.