Facebook Inc (NASDAQ:FB) stock has taken investors on a pretty wild ride in the past week. The tech sector as a whole went through a broad selloff at the end of November, as valuation concerns dovetailed with end-of-the-month repositioning and profit taking among fund managers and institutional investors.

But the flash selloff in tech was ultimately a significant opportunity for FB stock bulls. Furthermore, if you got into the Dec $182.50/$185 bull call spread or the Dec $175 put sell I recommended last week, you probably realized a much better entry prices than my premarket numbers indicated. Furthermore, I still see FB stock hitting $185 next week, especially with a resurgent technology sector driving the shares.

Click to Enlarge Technically speaking, the short-term panic is now gone from the tech sector, and the only potential driver for a repeat performance by the end of the year is a failure of the Republican tax plan.

FB stock, in particular, reaffirmed long-term support near $170 during the selloff, and the subsequent rebound has pushed the shares back above their 50- and 20-day trendlines — not to mention the round-number $180 area.

Overhead, $185 remains the only short-term concern for FB’s stock price, with $200 being a more significant hurdle from a longer-term perspective. What’s more, the selloff also worked FB shares out of near overbought conditions and created a buying vacuum for the stock.

All in all, with the weak hands now pushed out, there should be plenty of room to run higher through the end of the year.

As for Facebook’s short-term sentiment outlook, not much has changed in the past week. Nearly all of the 44 analysts that Thomson/First Call track still rate FB stock a “buy” or better, while the 12-month consensus price target rests at $208.21. Ratings changes and/or price target shifts will likely be on hold until early next year as brokerage firms assess their outlook for 2018.

Options traders, meanwhile, remain as bullish as ever. Looking out to the January 2018 series, we find the put/call open interest ratio resting at 0.68, down sharply from December’s reading of 0.85. This shift toward a more bullish stance for the first month of 2018 is a positive for FB stock, and the shares should be buoyed as a result.

Overall, January 2018 implieds are pricing in a potential move of about a 5% move for FB stock ahead of expiration. This places the upper bound at about $190, while the lower bound lies at $170.

2 Trades for FB Stock

Call Spread: For those looking to capitalize on bull run for FB stock into next year, a Jan 2018 $185/$190 bull call spread has considerable potential. At last check, this spread was offered at $1.46, or $146 per pair of contracts. Breakeven lies at $186.46, while a maximum profit of $3.45, or $345 per pair of contracts — a potential 142% return — is possible if FB stock closes at or above $190 when January 2018 options expire.

Put Sell: As usual, traders looking for a more neutral-to-bullish play might want to consider a deep-out-of-the-money put sell position. The January 2018 $170 put has excellent prospects of finishing out of the money, and was last bid at $1.63, or $163 per contract.

As long as Facebook stock trades above $170 through expiration, traders pursuing this strategy will keep the $163 premium. However, if FB trades below $170 ahead of expiration, you could be assigned 100 shares for each contract sold at a price of $170 per share.

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