Salesforce (CRM) Options Signal Bullish Bias: Key Strike Levels and AI-Driven Growth Setup for Dec 26 Expiry

• Salesforce trades at $265.44, up 0.76% with RSI near overbought (75.21) and MACD bullish (5.39 vs. 4.34 signal line).
• Options market shows call open interest dominance (341,805 vs. 245,774 puts) with heavy call OI at $270 and $272.50 strikes.
• Truist’s $380 price target and AI-driven growth narrative align with options positioning and technical breakouts.

Here’s the core insight: CRM’s options activity and technicals are painting a clear bullish picture, with call buyers aggressively stacking up at key resistance levels. The stock is perched above its 200-day moving average ($257.38) and trading near the upper Bollinger Band ($277.53), suggesting a potential breakout. Let’s break down why this setup matters—and where to focus your attention.

Bullish Sentiment Locked in at $270–$272.50: What the Options Data Reveals

The options market isn’t whispering—it’s shouting. For the Dec 26 expiry, the top two call strikes by open interest ($270 and $272.50) sit just 4.7% and 5.3% above the current price. That’s not accidental. Traders are betting Salesforce will punch through its 30-day resistance range ($257.56–$258.35) and test the $277.53 upper band.

But here’s the catch: the put-open interest isn’t negligible. The $250 strike (8.5% OTM) has 1,857 contracts outstanding, hinting at a small but meaningful hedge against a pullback. The key takeaway? The market expects a directional move higher, but volatility isn’t entirely discounted.

No major block trades are reported, which means no hidden whale moves to worry about—yet. For now, the action is in the retail and institutional options buyers stacking up at those key call strikes.

AI Growth Narrative Fuels the Bull Case—But Can It Sustain Momentum?

The news flow checks out. Truist’s “Buy” rating with a $380 target isn’t just optimism—it’s rooted in Salesforce’s Agentforce platform hitting $540M ARR in 2025, up 330% YoY. That’s the kind of growth that turns skeptics into believers. Swedbank trimming its stake by 14.2% might raise eyebrows, but CEO Marc Benioff’s $25M purchase and the 80.43% institutional ownership suggest confidence remains high.

The risk? AI hype cycles are real. If Agentforce’s token usage (3.2T in 2025) doesn’t translate to sustained revenue growth, the stock could face profit-taking. But for now, the options market and earnings beats (Q3FY26 EPS of $3.25 vs. $2.86 est.) are backing the bullish narrative.

Actionable Trade Ideas: Calls, Breakouts, and Strategic Entries

For options traders: Buy CRM20251226C270 (Dec 26 $270 call) and CRM20260102C275 (Jan 2 $275 call). The former targets a short-term pop off the 200-day MA, while the latter locks in a slightly cheaper premium for a longer-term play on AI-driven growth. Both strikes align with heavy open interest, increasing liquidity and reducing slippage.

For stock buyers: Consider entry near $257.38 (200-day MA) if the price holds above the middle Bollinger Band ($251.49). A clean break above $266.29 (intraday high) could trigger a run to $270–$272.50. For risk management, watch the 30-day support range ($257.56–$258.35); a close below $254.31 (200D MA lower bound) would signal caution.

A bullish call spread (e.g., buying CRM20251226C270 and selling CRM20251226C280) could also cap risk while capitalizing on a moderate rally. The $280 strike has 578 contracts of open interest, making it a viable exit point.

Volatility on the Horizon: Positioning for the AI-Driven Breakout

The pieces are aligning: technicals, options flow, and fundamentals all point to a potential breakout. Salesforce isn’t just trading in a range anymore—it’s setting up for a directional move. The question isn’t if the stock will move, but how far. With AI adoption accelerating and institutional backing intact, the $270–$275 strikes could become the new floor by January.

But don’t ignore the puts. If the $250 strike sees a sudden spike in open interest before expiry, it could signal a short-term correction. For now, though, the bias is clearly to the upside. As the old saying goes, "The trend is your friend"—and right now, CRM’s trend is pointing north.