Facebook Inc (NASDAQ:FB) has been quiet of late. No major headlines. No revenue or earnings developments. No, well … anything.

While it may not seem like it, this is actually a boon for FB stock. Wall Street is bullish by default, and stocks will tend to drift higher in the absence of any major news. What’s more, the June tech flash-crash notwithstanding, Facebook is already in a long-term bull trend that began in earnest in mid-2013.

Click to Enlarge Throughout this four-year bull rally, FB stock has gained over 500% and been guided higher by stalwart support from its 50-day and 20-day moving averages. Note that FB’s 50-day trendline held firm during the June 9 tech sell-off — which is not something fellow FANG companies like Apple Inc. (NASDAQ:AAPL) or Netflix, Inc. (NASDAQ:NFLX) can boast.

With FB stock now reset, the shares are now poised to resume this long-term uptrend. In fact, $160 would be a reasonable short-term target.

Turning to Facebook’s sentiment picture, we find that brokerage firms are as bullish as they have always been. Currently, Thomson/First Call reports that 40 of the 44 analysts following FB stock rate the shares a “buy” or better. Meanwhile, the 12-month price target of $169.30 represents a premium of only 9.9% to FB stock’s current trading range. As such, the stock has plenty of room for potential price target increases that could add to the upward pressure on the shares.

Facebook stock options traders are also firmly in the bulls’ camp, as the July put/call open interest ratio arrives at 0.67 — exactly where it was perched back on May 18 when I last checked in with FB stock. As I have noted before, low put/call ratios are the norm for Facebook, so this reading has less of an excessive-bullish reading that it would have on other stocks.

Checking in with implieds, July options are pricing in a potential move of about a 4.3% for FB stock.  This places the upper bound at about $160, while the lower bound lies at $147.

Before we get to this week’s trades, let’s recap the June trades I recommended on May 18.  FB stock proved to have considerable staying power in the face of the Goldman Sachs’ bear note on FANG stocks, and the June $130 put sell finished firmly out of the money, allowing traders to keep the premium received.

Meanwhile, FB stock was also resilient enough to bounce back from the flash-crash, allowing the June $145/$150 bull call to hit its maximum profit target, resulting in a return of about 51% on the trade. To those who chose this riskier bullish play, congratulations and good job!

2 Trades for FB Stock

Call Spread: For July, I’m looking for tech stocks to shake off their June blues and head higher now that some of the fluff has been blown out of the system.

With FB stock on the verge of resuming a longer-term uptrend, the July $155/$160 bull call spread looks like a potential winner. At last check, this spread was offered at $1.74, or $174 per pair of contracts. Breakeven lies at $156.74, while a maximum profit of $3.26, or $326 per pair of contracts, is possible if FB stock closes at or above $160 when July options expire.

Put Sell: For those looking for a more neutral-to-bullish play, the July $145 put sell position should finish out of the money. At last check, this put was bid at 76 cents, or $76 per contract.

As long as FB stock trades above $145 through expiration, traders pursuing this strategy will keep the $76 premium. If FB trades below $145 ahead of expiration, however, you could be assigned 100 shares for each contract sold at a price of $145 per share.

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