Alphabet (GOOGL) Options Signal Bullish Bias: Key Strike Levels and Block Trades Point to $320+ Upside Potential

• GOOGL trades at $313.24, down 0.2% intraday but above 30D support at $311.44
• Call open interest dominates (put/call ratio: 0.83), with heavy OI at $317.5 and $320 strikes
• Block trades show $2.5M put purchase at $240 and $1.7M call buy at $260 for Jan 2026

Here’s the thing: GOOGL’s options market is whispering a story of cautious optimism. The stock sits near its 30D moving average ($309.85) while technical indicators like the Kline pattern and long-term bullish trend suggest buyers are circling. But what really grabs attention is the options data—those $317.5 and $320 call strikes have 12,965 and 12,333 open contracts, respectively. That’s not just noise; it’s a crowd betting on a $320+ move before January 2nd.

Bullish Pressure at $320 and the Shadow of Block Trades

Let’s start with the options chain. This Friday’s top OTM calls are clustered between $315 and $325, while puts max out at $310. The 0.83 put/call ratio (based on open interest) tells us buyers are outpacing sellers. But the real drama is in the block trades. A $2.5M put purchase at $240 (GOOGL20260116P240) suggests someone’s hedging a big position, while a $1.7M call buy at $260 (GOOGL20251219C260) hints at a bullish bet for December 19th. These aren’t random trades—they’re chess moves by players with skin in the game.

AI Wins and Buffett’s Bet Fuel the Narrative

Alphabet’s recent news isn’t just background noise. The $4.75B Intersect Power acquisition? That’s a power play for AI data centers. Warren Buffett’s $4B stake added in Q3? That’s a vote of confidence from a man who once missed Google’s rise. Combine that with Citigroup’s $385 price target and the DOJ case dismissal, and you’ve got a cocktail of catalysts. But here’s the catch: while AI optimism is real, the RSI at 46.44 means the stock isn’t overbought yet. There’s room to run—but don’t ignore the $300 Bollinger Band support. A break below that could trigger the puts with 8,663 open contracts at $310.

Trade Ideas: Calls for January, Stock at Key Levels

For options players, the GOOGL20260109C320 and GOOGL20260109C325 strikes (next Friday’s expirations) look juicy. With 3,361 and 3,201 open contracts, these strikes align with the Bollinger Band upper range ($324.56). If the stock breaks above $313.96 (today’s high), these calls could catch fire. For stock traders, consider entries near $311.44 (intraday low) with a target at $320. A stop-loss below $300 would protect against the puts’ implied downside.

Volatility on the Horizon

Alphabet isn’t just a tech stock—it’s a battleground for AI’s future. The options data and block trades suggest a $320+ move is in play, but don’t sleep on the $240 put block trade. That’s a red flag for volatility. If the stock gaps up on AI news or stumbles on earnings, the next 10 days could be a rollercoaster. Stay nimble, keep an eye on the 200D MA ($216.59) as a long-term floor, and remember: Buffett’s buy doesn’t mean no risk. The AI train’s moving fast—hold on.