CRM Options Signal Bullish Bias: Key Strikes and Trade Setups for Nov 28

• Salesforce (CRM) trades at $230.43, up 1% from open, with RSI at 38.69 and MACD in negative territory.
• Options OI shows heavy call interest at $240 and $235, while puts dominate at $222.5 and $217.5.
• Acquisition of Informatica closes, but mixed earnings guidance and insider selling cloud near-term sentiment.

Here’s the takeaway: options market sentiment leans bullish on key strikes, but technicals hint at a fragile rally. The stock sits in a tight trading range, and today’s options activity suggests a battle between cautious bears and hopeful bulls. Let’s break it down.

What the Options Chain Reveals About Market Sentiment

The options data tells a story of divided priorities. For this Friday’s expirations, calls at $240 (OI: 3,523) and $235 (OI: 2,224) dominate, while puts at $222.5 (OI: 4,201) and $217.5 (OI: 3,262) show heavy downside hedging. The put/call ratio for open interest (0.62) favors calls, but don’t mistake this for a clear bullish signal—the bearish technical setup (Bollinger Bands, moving averages) suggests a potential trap for longs.

For next Friday’s expirations, the $250 call (OI: 2,246) and $200 put (OI: 1,851) stand out. This hints at a possible ‘straddle’ trade if volatility spikes, but with no block trades to signal institutional bets, it’s more of a retail-driven narrative. The key risk? If CRM fails to hold above $228.62 (today’s low), the puts at $217.5 could accelerate a breakdown.

How the Informatica Acquisition Fits Into the Narrative

Salesforce’s $1.8B Informatica buyout is a strategic win, bolstering its AI-driven data capabilities. But here’s the catch: the market is pricing in long-term growth, not immediate gains. The recent earnings guidance (Q3 revenue below estimates) and Marc Benioff’s insider sales have traders wary. Think of it like buying a new toolset for a workshop—it’s valuable, but you won’t see the ROI overnight. The December 3 earnings call will be critical for sentiment, but for now, the stock is stuck in a tug-of-war between AI optimism and execution skepticism.

Actionable Trade Ideas for Today

For options traders, consider these setups:

• Bull Call Spread: Buy CRM20251205C235 (strike at $235, next Friday) and sell CRM20251205C240. The $235 call has 854 OI, and if CRM breaks above $237.5 (a key resistance level), the spread could capitalize on a short-term pop.
• Bear Put Diagonal: Buy CRM20251205P222.5 (OI: 1,564) and hold it into next week. If the stock dips below $227.5, the put could gain value as the $222.5 strike acts as a psychological floor.

For stock traders, here’s a plan:

• Entry near $232.5 (Bollinger Band middle at $241.05 is a stretch, but a break above $232.5 could trigger a rally toward $237.5). Use a tight stop below $228.62.
• Short sellers might target $225–$227.5 if the RSI dips below 30, but watch for a rebound off the $218.12 lower Bollinger Band—it’s a tough level to break.

Volatility on the Horizon

The coming days will test CRM’s resolve. The 30-day support/resistance range ($256.56–$242.09) is a long way off, but the 200D MA at $262 looms as a psychological ceiling. If the stock can’t break out of its 228–232.5 range by Friday, the puts at $222.5 could dominate next week’s action. The Informatica integration and December earnings will be the real catalysts, but for today, the options market is pricing in a cautious bullish bias. Stay nimble—this stock isn’t done surprising us.