Tech stocks ended last week with a bang, and that included Facebook Inc (NASDAQ:FB), which looks plenty primed for a breakout. Today, we’ll analyze this renewed move in Facebook, and provide a trade idea for how to capitalize on further upside in FB stock.

The Nasdaq’s gravity-defying ascent continued last week, ending with an exclamation point on Friday. It turns out the slight slowing from the tech sector earlier in the week was nothing more than a well-deserved respite.

Once supply was dutifully digested, the Powershares QQQ Trust (NASDAQ:QQQ) was ready to dazzle once more with a rousing rally to close out the week. Friday’s 1.14% launch bested the performance of every other major U.S. index  by a large margin.

Two heavy hitters that finally perked up were Facebook and Apple Inc. (NASDAQ:AAPL). Both have been overshadowed by the race to $1,000 by Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOGL). While AAPL finally popped out of its tight two-week range, FB was able to rally back to its prior highs creating a quality breakout setup for the week ahead.

Both equities look great moving forward, but it’s Facebook stock that’s commanding my attention today.

At $153.61, Facebook actually closed at a new all-time high, beating its previous peak by less than a buck.

As with any stock soaring into virgin territory, FB stock boasts bullish technicals across the board. Its trend on any and all time frames is up. The oft-watched 20-day, 50-day, and 200-day moving averages are rising and stacked atop each other in true bullish form.

Friday’s advance ended FB’s four-day pause, signaling that dip buyers are still anxiously engaged. And year-to-date, Facebook has now gained 34%.

Volume patterns since the stock bottomed in mid-May have improved. Distribution days have all but dried up, showing institutions have halted any aggressive selling campaigns for now.

So, how do we play this uber-bullish setup for Facebook?

How to Trade FB Stock Here

With resistance in the process of being broken, FB appears poised for further upside. Here are two trades to consider, the first being the most aggressive.

Buy the Jul $155 call for $3.35. The risk is limited to the initial cost and will be lost if the stock sits below $155 at expiration. To minimize the damage if Facebook flops, sell the call on a break of $150. The reward is unlimited so pull out the pom-poms and root for some epic follow-through.

If you’re willing to cap the profit potential in exchange for increasing your probability of profit, then buy the Jul $155/$160 call spread. You will buy the Jul $155 call, but sell the Jul $160 call at the same time. The position can be purchased for around $1.75, making it 50% cheaper than the straight call buy.

The max risk for the call spread is also limited to the initial cost and will be lost if FB stock sits below $155 at expiration. The max reward is limited to the spread width minus the cost, or $3.25, and will be collected if the stock can climb above $160.

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