GOOG Calls Dominate at $370: Betting on a Breakout Past Resistance

• Strong Intraday Momentum: GOOG surged 3.19% to $368.01, breaking short-term resistance with heavy volume.
• Bullish Options Sentiment: Call Open Interest significantly outweighs Puts (0.79 ratio), with major interest at $370 and $380 strikes.
• Technical Confirmation: Price sits above key moving averages, with MACD histogram turning positive, signaling renewed upward energy.
• Strategic Outlook: The market is pricing in a push toward $375–$380, though overhead resistance at $376.87 remains the immediate hurdle.

Alphabet’s Class C shares are making a move today, and the options market is cheering it on. After a shaky end to last week, GOOG opened strong at $365.22 and has since climbed to $368.01. That’s a solid 3.19% gain, and it feels like the stock is finally shaking off the short-term fatigue. But what’s really interesting here isn’t just the price tag—it’s where the money is flowing in the options chain. Traders aren’t just buying dips; they’re positioning for a push higher.

Let’s look at the setup. The Put/Call Open Interest ratio sits at 0.79. In plain English? There are far more calls being held than puts. This isn’t a panic buy of protection; it’s a confident bet on upside. The biggest concentration of Open Interest for this Friday’s expiry is right at the $370 strike with 3,072 contracts, followed closely by $375 (2,286 OI) and $380 (2,143 OI). On the flip side, the put side is scattered, with the largest cluster at $310 (3,172 OI). That $310 level is way below current prices, suggesting most traders see that as a safety net, not a target. The $370–$380 zone is clearly the battleground for the near term.

There were no significant whale block trades today, which keeps things grounded. We aren’t seeing institutional dumping or sudden accumulation that would distort the picture. Instead, this looks like a broad-based retail and hedge fund consensus that GOOG is ready to test its Bollinger Band upper limit of $376.88. If it clears that, the next logical stop is the $380 call wall.

Momentum Meets Macro

The technicals are starting to sing along with the options flow. The MACD histogram is now positive at 0.57, crossing above the signal line. That’s a classic sign that downward momentum has exhausted itself and buyers are taking the wheel. The RSI at 52.4 is neutral-to-bullish, leaving plenty of room for growth before we hit overbought territory. Price action is comfortably above the 30-day ($348.06) and 100-day ($345.48) moving averages, reinforcing the short-term bullish trend.

But we can’t ignore the news flow. Alphabet is in the spotlight for a few reasons. First, there’s the Berkshire Hathaway angle. Warren Buffett’s team isn’t just holding; they’re buying. They recently acquired billions in GOOG shares, signaling deep confidence in Alphabet’s AI infrastructure and cloud growth. That’s a massive vote of confidence for long-term holders. On the other hand, there’s some regulatory friction. Australia is raising its tech platform levy to 2.5% on ad revenue, and Alphabet is on the hit list. Additionally, Google paused its new Earth AI image generator due to misinformation concerns. While these headlines sound negative, the market seems to be shrugging them off. Why? Because the core business—Search, Cloud, and AI hardware—is so dominant that minor regulatory bumps feel manageable. The $900M monthly payment to SpaceX is also a reminder of the scale of their data center investments. It’s expensive, but it’s the cost of staying ahead in the AI race.

Where to Play?

So, how do you trade this? The trend is up, the options are bullish, and the technicals are aligning. But you don’t chase a stock that’s already up 3% in a day without a plan.

For the stock, the best risk/reward entry is on a slight pullback. The 30-day support zone is around $345–$346. If GOOG dips back toward $348 (its 30-day MA), that’s a solid buy point for swing traders. Your target? The upper Bollinger Band at $376.88. If it breaks that, look at $380.

For options, the $370 calls expiring this Friday (GOOG20260807C370) are the most liquid and show the highest conviction. With the stock at $368, these are just out of the money. If momentum holds, these could see a nice gamma squeeze as the price approaches $370. However, time decay is your enemy this close to expiry. If you have a bit more patience, look at next Friday’s $375 calls (GOOG20260814C375). There are 633 contracts out there. It’s a cheaper premium play, giving the stock a few extra days to make the move. Avoid the $310 puts unless you’re hedging a long-term portfolio; they’re too far OTM to be effective for short-term speculation.

The Road Ahead

We’re at an inflection point. The stock is no longer fighting the trend; it’s riding it. The options market is telling us that $370 is the first major line in the sand. If GOOG holds above $365 today, we could see a quick push toward $375 by week’s end. The risk? A failure to hold above $363 could trigger a retest of the $350 support level. But given the Berkshire backing and the bullish options skew, the odds seem tilted toward the bulls. Keep an eye on that $376.88 resistance. Break it, and the sky’s the limit. Miss it, and you might want to take profits.

Trade smart, stay disciplined, and let the data guide your steps.