Did you buy the post-earnings dip in Alphabet Inc (NASDAQ:GOOGL) last month? Since hitting a low near $812 on Feb. 1, GOOGL stock has steadily bounced back, regaining more than 3% of the ground it lost following a poorly received fourth-quarter earnings report.

But you haven’t missed out on the fun. Alphabet stock still has some gas in the tank.

Click to Enlarge Alphabet’s bounce from the $812 region was not happenstance. The shares were bolstered by support from their rising 50-day moving average, and a wealth of psychological support from the nearby $800 area. Furthermore, GOOGL stock has been in rally mode since mid-2015, gaining some 53% during this time frame.

In other words, the post-earnings dip was less about poor quarterly results and more about an excuse to take some profits off the table.

However, now that the situation has corrected itself, and Alphabet stock has emerged from an overbought situation, shares should be poised to run higher.

If you took my bullish GOOGL recommendation on Jan. 31 and got into the March $830/$850 bull call spread, you are likely already at breakeven or sitting on a profit for the trade. What’s more, the odds of breaking out above $850 have improved significantly in the past couple of weeks.

Alternately, if you took the more neutral-to-bullish option and entered the March $800 put sell, you can all but rest easy now that GOOGL stock is headed higher once again.

If you missed out on those trades, though, there’s still time to get in before Alphabet Inc tops out again.

Sentiment for Alphabet remains as bullish as ever, with nearly all of the 48 analysts tracked by Thomson/First Call rating GOOGL stock a “buy.” Additionally, the 12-month price target has risen over the past month to $990.72, and that bodes well for the shares going forward, as it cuts down on the likelihood of downgrades to “hold” over the short-term.

As for options traders, a bit of caution has crept into GOOGL options since Alphabet’s quarterly report, but this, too, is healthy for the shares. Currently, the March put/call open interest ratio rests at 0.76, up from pre-earnings readings near 0.85.

Furthermore, peak March call OI rests well overhead at $900, meaning that Alphabet should see little in the way of potential options-related resistance.

March implieds have come down since the end of January, making GOOGL options cheaper. Currently implieds are pricing in a potential move of about 3.3% for Alphabet stock through March expiration. This places the upper bound at $868, while the lower bound lies at $812.

2 Trades for GOOGL Stock

Call Spread: If you missed out on the late January bottom, here’s your chance to bet bullish on Alphabet heading into next month. I suggest the March $850/$860 bull call spread.

At last check, this spread was offered at $3.57, or $357 per pair of contracts. Breakeven lies at $853.57, while a maximum profit of $6.43, or $643 per pair of contracts, is possible if GOOGL stock closes at or above $860 when March options expire.

Put Sell: If you’re still on the fence, or if you a neutral-to-bullish stance is more your style, then the March $800 put sell remains a solid trade that has a good chance of finishing out of the money.

At last check, the March $800 put was bid at $3.30, or $330 per contract. The upside to this put sell strategy is that you keep the premium as long as Alphabet stock closes above $800 when these options expire. The downside is that should GOOGL trade below $800 ahead of expiration, you could be assigned 100 shares for each sold put at a cost of $800 per share.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.