Alphabet (GOOGL) Options Signal $335 Bullish Bias: Here's How to Position for the Upcoming Volatility

• Current price near $310.42, up 0.7% from open, with Bollinger Bands hinting at $284.71 support and $335.64 resistance.
• Options market shows heavy call open interest at $335 and $340 strikes, while puts cluster at $290—suggesting a $30–$40 price battleground.
• BMO just raised its price target to $343, aligning with call options showing 0.808 put/call imbalance in open interest.

Here’s the core insight: Alphabet is teetering on a short-term bearish trend but faces a wall of bullish options activity. The stock’s 52-week gain of 56.92% has created a tug-of-war between AI-driven optimism and profit-taking pressure. Right now, the data leans toward upside potential—if the $310.66 intraday high holds.

Bullish Pressure at $335, Bearish Anchors at $290

Let’s start with the options chain. This Friday’s expiring calls show 22,532 contracts at $335 and 17,593 at $340, while puts pile up at 21,763 at $290. That’s not random—it’s a vote of confidence. Traders are betting the stock will test those call strikes before December 19th. The GOOGL20251219C260 block trade (1,000 contracts bought) adds fuel to this fire, suggesting institutional players are hedging or scaling up near-term bullish bets.

But don’t ignore the puts. The $290 strike has become a psychological floor, with 21,763 open puts acting like a safety net. If the stock dips below $303.09 (today’s low), that level could trigger a rebound—or panic. The block trade GOOGL20260320P235 (500 contracts bought) hints at longer-term bearish positioning, but it’s a smaller signal compared to the near-term call frenzy.

News Flow: Why $343 Isn’t Just a Number

BMO’s $343 price target isn’t arbitrary. Alphabet’s Q3 revenue hitting $100 billion for the first time, plus its Gemini app’s 650M active users, gives analysts reason to dream big. The TotalEnergies partnership in Southeast Asia also adds long-term value, but here’s the catch: options traders are already pricing in part of this optimism. The $335–$340 call strikes are essentially a proxy for that $343 target. If the stock breaks above $310.66, those calls could become a self-fulfilling prophecy as buyers step in.

Actionable Trade Ideas: Calls, Puts, and Precision Entries

For options traders: GOOGL20251226C330 (next Friday’s $330 call) is a high-conviction play. Why? The $330 strike sits just below BMO’s $343 target and aligns with the $335.64 Bollinger Upper Band. If GOOGL closes above $315 by Friday, this contract could gain 20%+ in value. For a safer bet, consider the GOOGL20251219P290 put as insurance—if the stock gaps down, you’ll have downside protection.

Stock traders: Enter near $303.09 (today’s low) with a stop-loss below $300. The 30D support at $284.93 is a deeper safety net. Target $315 first (Bollinger Middle Band), then $330. If the stock breaks $310.66 intraday high, consider adding to the position—but only if volume surges (current volume is 4.7M, up from 30D avg of 3.2M).

Volatility on the Horizon

The next 72 hours will be critical. If GOOGL holds $303.09 and rallies above $315, the $335–$340 call strikes could ignite a short squeeze. Conversely, a breakdown below $300 would validate the puts at $290. Either way, the options market has already priced in a $30–$40 range battle. Your job? Stay nimble. Use the $303.09 support as your floor, and let the $335.64 resistance act as your ceiling—until the block trades at $260 and $235 shake things up in January.

Remember: This isn’t just about numbers. It’s about psychology. The market is pricing in a story—now it’s up to Alphabet to write the ending.