Alphabet (GOOG) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Dec 19 Expiry

• Current Price Action: GOOG trades at $309.02, down 0.1% from its open, with intraday swings between $304.1 and $311.85.
• Options Imbalance: Call open interest (1.13M) outpaces puts (827K), with heavy call OI at $320 and $315 strikes.
• News Catalysts: Renewable energy deals and analyst upgrades reinforce long-term bullish sentiment, while Zillow’s turmoil hints at sector competition risks.

Here’s the takeaway: Options data and technicals align on a bullish bias for GOOG, but short-term volatility from Zillow’s struggles could test near-term resolve. Let’s break it down.

Bullish Call Dominance and Whale Moves at $320

The options market is fixated on the $320 strike. For Friday’s expiry, 14,301 open interest in GOOG20251219C320 calls dwarfs other strikes, suggesting institutional positioning for a push above $315. Puts at $290 (7,774 OI) act as a floor, but the put/call ratio of 0.73 (calls > puts) tilts the odds toward a bullish breakout.

Block trades add intrigue: A 800-lot buy of GOOG20250919C245 and multiple large call trades in September/October hint at long-term bullish bets. The risk? If GOOG fails to hold above $304.1 (lower Bollinger Band), the $290 put-heavy zone could trigger a sharp pullback.

Renewable Energy Deals and Analyst Hype Fuel Optimism

Google’s solar project in Rajasthan and its 1-terawatt-hour deal with TotalEnergies in Malaysia reinforce its green energy narrative. Analysts like Truist ($350 PT) and Cowen are betting on AI/cloud growth, which aligns with the options market’s focus on higher strikes.

But here’s the catch: Zillow’s 12% drop after Google’s real-estate test signals sector disruption. While this isn’t a direct hit to GOOG, it underscores the company’s aggressive expansion into competitive verticals—a double-edged sword for investors.

Actionable Trade Setups for Dec 19 and Beyond

1. Options Play: Buy GOOG20251219C320 calls if price breaks above $311.85 (intraday high). Target $325–$330 for a 10–15% gain in 3 days.
2. Stock Entry: Consider long entry near $304.1 (intraday low) if support holds. Target $315–$320, with a stop-loss below $300.
3. Bearish Hedge: Sell GOOG20251219P290 puts if price dips below $305, capitalizing on the $290–$300 put-heavy zone.

Volatility on the Horizon

The next 72 hours will test GOOG’s resolve. A close above $311.85 could trigger a rally toward $320, fueled by call-heavy positioning. But a breakdown below $304.1 would validate the $290 put zone as a key support. Either way, the options market’s focus on $320 and $290 strikes offers clear entry/exit points for traders.

Final Take: This is a stock at a crossroads. The long-term bullish trend (200D MA at $210) remains intact, but short-term jitters from Zillow and insider sales add noise. For those with a 3–5 day horizon, the $320 call strikes and $304.1 support level are your best bets. Stay nimble—this market isn’t sleeping.