CRM Options Signal Bullish Bias: Calls at $250 Dominate as AI Earnings Loom – Here’s How to Play It

• CRM surges 1.5% to $234.03, trading above its 30D and 100D moving averages but below the 200D.
• Options market leans bullish: Call open interest (415,220) outpaces puts (251,060), with heavy call OI at $250 and $245 strikes.
• Key news: Q3 earnings (Dec 3) and AI product updates could drive momentum, but macroeconomic headwinds linger.

The options market and technicals are painting a clear picture: traders are pricing in a near-term rebound for Salesforce. With calls at the $250 strike dominating open interest and RSI hovering near oversold levels, the stock is perched at a critical inflection point. Let’s break down what this means for your strategy.

Bullish Sentiment Locked in at $250: Decoding the Options Imbalance

The options chain tells a story of cautious optimism. For this Friday’s expiration (Dec 5), calls at the $250 strike lead with 2,462 open contracts—nearly 15% higher than the next closest call at $245. This suggests a cluster of traders are betting on a price rebound to that level ahead of earnings.

Meanwhile, puts are concentrated at the $215 strike (2,198 OI), but the put/call ratio of 0.60 (favoring calls) indicates the market isn’t pricing in a deep selloff. The lack of block trades adds clarity: no major institutional players are hedging against a collapse.

The AI Narrative and Earnings Catalyst: Fuel for the Bull Case

Salesforce’s recent news flow aligns with the options-driven optimism. The company’s AI-driven tools—like Agentforce 360 and Data 360—are gaining traction, particularly in public sector partnerships. Analysts like Oppenheimer’s Brian Schwartz and Mizuho’s Gregg Moskowitz have raised price targets to $300–$340, citing long-term AI monetization potential.

But here’s the catch: mixed demand signals and macroeconomic pressures (slower deal cycles, cautious partners) could temper near-term gains. The key is whether Q3 earnings (Dec 3) show progress in scaling AI-driven revenue streams. A beat on non-GAAP EPS ($2.84–$2.86 expected) could validate the bullish case.

Actionable Trade Ideas: Calls, Puts, and Price Levels to Watch

For options traders, the most compelling setup is the CRM20251205C250 call (Dec 5, $250 strike). With the stock trading at $234.03, this strike offers a 6% upside target and leverages the heavy OI at that level. If you’re risk-averse, pair it with a short-term put like CRM20251205P215 to hedge against a drop below $217.60 (lower Bollinger Band).

For stock traders, consider entering near $230–$232 (support zone between 30D and 200D averages). A break above $239.74 (middle Bollinger Band) would signal strength, with initial targets at $245 and then $250. A close below $228.60 (intraday low) would invalidate the bullish case.

Volatility on the Horizon: Positioning for CRM’s AI-Driven Rebound

The coming week is pivotal. Earnings, the PCE data, and the Fed’s rate decision could all sway CRM’s trajectory. But the options market and technicals are already pricing in a rebound—led by the $250 call frenzy. If you’re bullish on AI’s role in Salesforce’s future, now is the time to lock in low-risk setups. Just keep an eye on the $215–$220 level: a breakdown there would shift the narrative.

In the end, this is a stock at a crossroads. The AI bets are real, but so are the macroeconomic headwinds. Play it smart—use the options data as your guide, and let the price action do the talking.