Salesforce (CRM) Options Signal Bullish Bias at $250–$260: Here’s How to Position for a Volatility-Driven Rebound

• Salesforce (CRM) trades at $236.76, down 3.4% from its previous close, with intraday lows near $235.94.
• Options open interest shows heavy call buying at $250–$260 strikes and put dominance at $230–$235, signaling a bullish-bearish tug-of-war.
• Q2 FY2026 results highlight $10.2B revenue and AI-driven growth, but Q3 guidance below expectations triggered a 3.1% selloff.

The interplay of technicals, options positioning, and earnings-driven volatility paints a nuanced picture: while CRM faces near-term downside risks, the options market is pricing in a potential rebound above $245.82 (30D support). Traders must balance short-term bearish momentum with long-term bullish catalysts in AI and share buybacks.

Decoding the Options Imbalance: A Battle for $250–$260

The options chain reveals a striking concentration of open interest at key strike levels. For Friday expiration, calls at $250 (OI: 1,584) and $260 (OI: 1,625) dominate, while puts at $230 (OI: 1,950) and $235 (OI: 1,457) anchor downside expectations. This distribution suggests institutional players are hedging against a rebound above $245.82 (30D support) while also preparing for a potential test of the $237.03 (lower Bollinger Band) level.

The put/call ratio of 0.61 (put OI: 243,060 vs. call OI: 397,861) reinforces a bullish bias, but the current price near $236.76—below all major moving averages—indicates a fragile setup. A break above $245.82 could trigger a short-covering rally, but a close below $237.03 may accelerate selling.

Block trades are absent, but the next Friday options data (calls at $250–$270 and puts at $230–$235) suggest a continuation of this strategic positioning. Traders should monitor the $245.82–$246.16 (30D support/resistance) zone as a critical inflection point.News-Driven Narrative: AI Growth vs. Earnings Pressure

Salesforce’s Q2 results ($10.2B revenue, 10% YoY growth) and $20B buyback expansion are bullish, but Q3 guidance ($10.24–10.29B) fell short of expectations, triggering a 3.1% drop. The $6B UK AI investment and Einstein 1 Studio launch underscore long-term potential, yet lawsuits and insider selling by CEO Marc Benioff add near-term uncertainty.

Investor sentiment is polarized: Morgan Stanley raised its target to $405, while UBS cut it to $260. This duality is reflected in the options market—calls at $250–$260 cater to AI-driven optimism, while puts at $230–$235 hedge against macroeconomic headwinds. The key question is whether the $20B buyback and AI monetization (Agentforce, Data Cloud) can offset slowing enterprise spending.

Actionable Trade Setups: Calls, Puts, and Precision Entries

For options traders, the most compelling opportunities lie in:

• Long calls at $250 (next Friday expiration): With $236.76 near the lower Bollinger Band and RSI at 42.45, a rebound above $245.82 could trigger a rally toward $250. The $250 call (OI: 594) offers leverage if the stock breaks the 30D support/resistance zone.
• Put spreads at $230–$235: For downside protection, a bear put spread (e.g., $235 long + $230 short) caps risk while capitalizing on the 1,950 OI at $230. This strategy benefits if CRM tests the $237.03 level.

For stock traders, consider:

• Entry near $241.92–$244.49 (200D support/resistance): If the stock holds above $237.03, a bounce toward $245.82 could present a low-risk entry. Target $250–$255 if the 30D MA (246.94) is retested.
• Stop-loss below $235: A close below $235.94 (intraday low) invalidates the bullish case and signals a deeper pullback.

Volatility on the Horizon: Navigating the Bullish-Bearish Crossroads

CRM’s path hinges on three factors: (1) execution of AI monetization (Agentforce, Data Cloud), (2) resilience of enterprise spending in Q3, and (3) the effectiveness of the $20B buyback. The options market is pricing in a $250–$260 target for calls, but technical indicators (MACD -1.47, RSI 42.45) suggest a volatile, range-bound near-term phase.

Traders should adopt a dual strategy: use next Friday’s $250 calls for directional bets while hedging with $230 puts. The key is to avoid overexposure to a single outcome—CRM’s story is one of strategic AI growth clashing with near-term earnings pressures. Positioning for both scenarios will be critical as the stock navigates this inflection point.