CRM Options Signal Bullish Bias: Key Strikes and Strategic Entry Points for 2026

• Salesforce (CRM) trades at $266.44, up 0.13% with volume surging to 1.87M shares.
• Options data shows heavy call open interest at $270 and $275 strikes expiring Jan 2, 2026.
• Put/call ratio for open interest is 0.728, favoring bullish positioning despite AI-related risks.

Here’s the core insight: options market sentiment and technicals align for a short-term bullish breakout, but long-term uncertainty lingers. Let’s break down why this setup matters for traders today.

Bullish Imbalance in OTM Calls vs. Defensive Puts

The options chain tells a clear story: bulls are stacking up. For this Friday’s expiration (Jan 2, 2026), the top OTM call strikes—$270 (OI: 2,873), $275 (OI: 845), and $272.5 (OI: 512)—show heavy open interest. This suggests institutional players are hedging for a potential push above $270, a level that could trigger a short-term rally.

On the put side, the largest open interest is at $225 (OI: 2,838) and $250 (OI: 2,600), but these strikes are far below current prices. While they hint at downside protection concerns, the low volume compared to calls indicates the market isn’t pricing in a sharp selloff.

The put/call ratio of 0.728 (calls dominate) reinforces this bias. Think of it like a seesaw: more weight on the call side means the crowd expects upward momentum. But don’t ignore the risk—Agentforce’s mixed performance and AI skepticism could still trip the stock if earnings miss or guidance weakens.

News Flow: Undervaluation Narrative vs. AI Execution Risks

Recent headlines paint a mixed picture. On one hand, Barron’s and Artisan Value Fund argue CRM is undervalued at 14x CY27E FCF, with a $340 price target from Mizuho. Novartis’ adoption of Agentforce in life sciences adds credibility to Salesforce’s hybrid AI strategy.

But the reality check is stark: Agentforce’s $500M Q3 revenue missed expectations, and executives admit LLMs can’t fully replace deterministic systems. This duality creates a tug-of-war for the stock—bulls see a rebound as AI fears ease, while bears watch for execution gaps.

The key takeaway? The news supports a bullish case for entry, but only if fundamentals hold. A strong Q4 earnings report or partnership announcement could tip the scales, while weak guidance might reignite selling.

Actionable Trade Ideas: Calls for Short-Term Gains, Stock for Breakouts

For options traders, the CRM20260102C270 and CRM20260102C275 calls are prime candidates. These strikes align with the Bollinger Upper Band ($278.05) and the 30D resistance zone ($262.82–$262.01). If CRM breaks above $270, the 275 strike could act as a catalyst for a rally toward $280.

Stock traders should watch $262.01 (30D support) and $254.31 (200D support). A close above $269.11 (intraday high) would validate the short-term bullish trend. Consider entries near $265–$266 if the stock retests the 50-period moving average (~$260.50).

Bold move: Buy the CRM20260109C280 call for next Friday if the stock holds above $268. This strike sits just below the Bollinger Upper Band and could capitalize on a post-earnings pop if results beat expectations.Volatility on the Horizon: Balancing Optimism and Caution

The next two weeks will test CRM’s resolve. A breakout above $270 could reignite the AI hype train, while a drop below $255 might trigger panic selling. The MACD (5.74) and RSI (59.24) suggest momentum is building, but the long-term 200D MA at $257.23 remains a critical psychological barrier.

For now, the data leans bullish—but don’t bet the farm. Use the options chain as a guide: stack calls at key resistance levels and keep a tight stop-loss below $262. The market is pricing in a comeback story, but execution will determine if it’s a rally or a mirage.