Salesforce (CRM) Options Signal Bullish Bias: Target $270 Calls as AI Growth Catalyst

• Salesforce (CRM) trades at $264.84, down 0.4% from its 52-week high of $265.92.
• Options market shows 47% more open interest in calls than puts, with heavy call volume at the $270 strike.
• Agentforce’s 330% ARR growth and Novartis partnership position CRM as a 2026 AI rebound candidate.

Here’s the core insight: options traders are pricing in a bullish bias with a focus on the $270–$275 range, while technicals hint at a potential breakout from a long-term trading range. The stock shows upside potential if AI-driven momentum continues, but risks a pullback if short-term resistance at $266 fails.

Bullish Sentiment Locked in the $270 Strike

The options chain tells a clear story. For Friday’s expiration (Jan 2, 2026), the CRM20260102C270 call has 3,355 open contracts—the highest among OTM strikes. This suggests institutional players are hedging or speculating on a near-term pop above $266.23 (30D resistance). Meanwhile, the CRM20260102P260 put leads puts with 2,925 OI, acting as a floor if volatility spikes.

The put/call ratio of 0.73 (calls dominate) reinforces this bias. But don’t ignore the risk: heavy put OI at $225 and $250 implies some fear of a deeper correction. No block trades complicate the picture, so focus on the $270 call as a liquidity magnet.

Agentforce Growth Validates the Bull Case

Salesforce’s AI-driven Agentforce platform isn’t just a buzzword—it’s a revenue engine. A 330% ARR jump to $540M in Q3 2026, plus Novartis’ $25M+ contract, proves enterprise demand. Analysts like Jim Cramer and Morgan Stanley are quietly bullish, with a $325 mean price target (23% upside).

But here’s the catch: the stock still trades at 22.6x forward earnings, below peers. If AI adoption slows or margins disappoint, the $254.31 (200D support) level could crumble. The news flow supports the options narrative—growth is real, but valuation remains a tightrope.

Trade Ideas: Leverage the $270 Call or Play the Breakout

For options traders: Buy the CRM20260109C270 (next Friday’s $270 call) at ~$4.50. Why? High OI means liquidity, and a close above $266.23 could trigger a cascade of call buyers. Target a 50% move to $280 (5.7% gain) if the stock breaks out.

For stock players: Consider entries near $264.40 (intraday low) with a stop below $264.40. If the price holds, aim for $270 (5.7% gain) or $275 (8.4% gain). Alternatively, a bearish put spread using the CRM20260109P250 and CRM20260109P260 could profit if the stock dips below $254.31.

Volatility on the Horizon

The setup is simple: Agentforce’s growth justifies a breakout, but technicals demand discipline. If the $266.23 resistance holds, the $270 call becomes a high-conviction trade. If not, the $254.31 support could force a retest of long-term value. Either way, the options market is pricing in a directional move—the question is whether AI momentum or profit-taking wins. Stay nimble, and let the $270 strike be your guide.