AAPL Options Signal $290 Bullish Bias: How to Position for CLSA’s $330 Target and Volatility Catalysts

• Analyst CLSA raised Apple’s price target to $330, citing iPhone 17 sales and AI advancements.
• Options data shows call open interest dominates at $287.5–$290 strikes, with a put/call ratio of 0.68.
• Block trades suggest institutional positioning: 880 calls bought at $240 (Oct 17 expiry) and 600 puts bought at $235 (Sept 26 expiry).

Here’s the takeaway: Apple’s options market is leaning sharply bullish, with heavy call volume at $290 and a technical setup that favors a breakout above its 30D support level of $270.22. But don’t ignore the shadows—those block trades hint at both conviction and caution. Let’s break it down.

Bullish Calls Dominate, but Puts Signal Caution

The options chain tells a story of optimism. For this Friday’s expirations, the $287.5 call (OI: 55,817) and $290 call (OI: 38,699) are the most watched, while next Friday’s $290 call (OI: 41,054) shows even stronger positioning. This suggests traders expect a push toward CLSA’s $330 target, especially with Apple’s 30D moving average ($272.24) acting as a floor.

But the put side isn’t silent. The $275 put (OI: 11,914) and $270 put (OI: 5,478) next week show defensive bets. Combine this with block trades like the AAPL20251017C240 (880 calls bought) and AAPL20250926P235 (600 puts bought), and it’s clear: big players are hedging while leaning long. The key risk? If iPhone 17 sales slow or AI hype fades, those puts could trigger a sharp correction.

News Flow: iPhone Momentum vs. Leadership Uncertainty

Apple’s recent news is a mixed bag. CLSA’s $330 target isn’t just a number—it’s backed by 40% month-over-month iPhone revenue growth and a Services division hitting $28.8B. But the exodus of AI leaders like John Giannandrea raises questions. Will Apple’s "Apple Intelligence" pivot catch up to Meta or Microsoft? The market seems to bet yes, but don’t discount the risk of a leadership vacuum slowing innovation.

Consumer perception matters here. If users embrace Siri’s AI upgrades, the $290 call buyers could be vindicated. But if the AI hype falters, the $270–$275 support zone (middle Bollinger Band at $274.32) becomes critical. Watch the RSI at 61.27—if it dips below 50, that’s a red flag.

Actionable Trades: Calls for the Bold, Puts for the Pragmatic

For options traders:

• Bullish Play: Buy the AAPL20251212C290 (next Friday’s $290 call). With 41,054 open contracts and CLSA’s $330 target in play, this strike offers leverage if Apple breaks above its 20D EMA of $279.14.
• Bearish Hedge: Sell the AAPL20251212P275 (next Friday’s $275 put) to collect premium if the stock holds above $270.22.

For stock traders:

• Entry: Consider buying near $270.22 (30D support) with a stop just below $269.69.
• Target: Aim for $287.50 (intraday high) first, then re-evaluate for a push toward CLSA’s $330.
• Alternative: A bullish call spread using AAPL20251212C280 and AAPL20251212C290 caps risk while riding the momentum.

Volatility on the Horizon

Apple isn’t just a stock—it’s a bellwether for tech’s next phase. The options market is pricing in a $290–$330 range over the next 6–12 months, but don’t sleep on the block trades. That AAPL20251017C240 trade (880 calls bought) suggests big money is hedging for a Q4 pop. If Apple’s December quarter beats estimates (as projected), the $290 call buyers could see exponential gains. But if the stock stumbles below $262.33 (lower Bollinger Band), the puts at $270–$275 will become a lifeline.

Bottom line: This is a high-conviction bullish setup, but one that demands tight risk management. The road to $330 is paved with both opportunity and volatility—trade it with a plan, and keep an eye on those block traders. They’re not just watching; they’re betting.