Salesforce (CRM) Options Signal Aggressive Bullish Bets at $270—Here’s How to Play the Volatility

• Salesforce (CRM) tumbles 6% intraday, breaking below key support levels and triggering bearish technical signals.
• Options market shows heavy call open interest at $270 (Friday expiry) and $280 (next Friday), hinting at speculative bullish bets.
• Analysts remain split: AI optimism clashes with near-term margin pressures and a 24.4% YTD stock decline.

Here’s the core insight: CRM’s options activity and technicals paint a mixed picture—short-term bearish momentum clashes with aggressive call buying at $270. The stock’s 6% drop today has created a volatile crossroads. Traders need to decide: is this a short-term panic or a setup for a rebound? Let’s break it down.

The Battle Between Calls and Puts: Where Are Big Money’s Bets?

The options chain tells a story of conflicting expectations. For Friday expiry, call open interest spikes at $260 (2,501 contracts), $270 (2,088), and $265 (1,960), while puts pile up at $230 (1,264) and $235 (695). Next Friday’s chain shows even more bullish aggression: $270 (1,911) and $280 (1,062) dominate. The put/call ratio for open interest is just 0.61, meaning calls outweigh puts by nearly 60%.

This isn’t just noise. Heavy call buying at $270 suggests traders are pricing in a sharp rebound—maybe even a test of the $266.40 Bollinger Upper Band. But don’t ignore the puts: $230 and $235 strikes act as a bearish floor. If CRM cracks $234.48 (intraday low), those puts could trigger a cascade of selling.

Block trades? None reported. So no whale-sized moves to explain this. It’s retail and institutional players duking it out in the options arena.

AI Hype vs. Reality: Can the News Justify the Options Bets?

Salesforce’s AI-driven tools like Agentforce are getting buzz, but the stock’s 24.4% YTD drop tells a different story. Analysts stuck with a “Hold” rating, citing margin pressures and uncertain AI adoption timelines. The $330.65 mean price target feels aspirational right now—over 30% above today’s price.

Here’s the rub: the options market isn’t pricing in that 30% upside. Instead, it’s hedging for a short-term rebound. The $270 call bets align with the 30D moving average at $247.98 and the 200D at $269.76. If CRM can claw back to $250, it might retest the 200D MA as support. But with RSI at 56 and MACD barely positive, the bulls have their work cut out.

Trade Ideas: Calls, Puts, and Precision Entries

For options players:

• Aggressive Bull Play: Buy the $270 call (Friday expiry) if CRM breaks above $254.54 (30D resistance). Target a close above $260 to justify the risk.
• Bearish Hedge: Buy the $230 put (Friday expiry) if the stock dips below $236.82 (lower Bollinger Band). This could cap losses if the selloff accelerates.
• Neutral Spread: A bear call spread with $257.5 and $267.5 calls (Friday expiry). Sell the $257.5 call and buy the $267.5 to cap risk while profiting from a modest rebound.

For stock traders:

• Entry near $241.92 (200D support zone) if the stock bounces. Target $254.54 as a short-term goal.
• Short-sale alert: If CRM breaks below $236.82 (lower Bollinger Band), consider entering a short near $230 with a stop above $244.49 (200D support).

Volatility on the Horizon: Balancing Hope and Caution

CRM’s options and technicals are in a tug-of-war. The short-term bear case is strong—RSI isn’t screaming oversold, and the 200D MA is bearish. But the call buying at $270 suggests some big players see a rebound.

The key is timing. If the stock holds above $236.82, the $270 calls could pay off. If not, the puts at $230 might save the day. Either way, this is a high-volatility setup.

Bottom line: Don’t bet the farm, but keep a close eye on $254.54 and $236.82. Those levels will tell you whether this is a buying opportunity or a deeper slump. The AI narrative is still alive, but the market’s patience is wearing thin.