Salesforce (CRM) Options Signal Bullish Bias: Target $270 Calls as Volatility Nears Key Support

• Salesforce (CRM) plunges 3.6% to $255.3, testing 200D support at $254.31.
• Options data shows 0.73 put/call ratio (calls dominate) with heavy call open interest at $270 and $275 strikes.
• Institutional buying and AI-driven growth narratives offset insider selling concerns.

Here’s the takeaway: CRM’s price drop has created a high-conviction options setup. The stock is hovering near critical support while call options at $270+ show aggressive bullish positioning. This isn’t just noise—it’s a signal that traders are pricing in a rebound. Let’s break down why this matters for your strategy.

Bullish Pressure in Options, But Caution at the Edges

The options chain tells a story of divided sentiment. For Friday’s expiration, call open interest peaks at $270 (OI: 3,364) and $275 (OI: 1,580), while puts dominate at $250 (OI: 2,343) and $255 (OI: 1,096). The put/call ratio of 0.73 (calls > puts) suggests a net bullish bias, but the heavy put activity at $250+ warns of downside risks if support fails.

No block trades are reported today, which is neutral. But the concentration of call OI at $270+ implies institutional players are hedging for a rebound—or even betting on a breakout above $265 (30D resistance). The danger? If the stock closes below $252.52 (lower Bollinger Band), the put-heavy positioning could accelerate selling.

News Flow: AI Momentum vs. Insider Selling

Salesforce’s AI-driven Agentforce 360 rollout is a tailwind. The platform’s enterprise adoption and automation promises justify the $326.68 average analyst target. Yet insider selling ($8.1M sold vs. $2.9M bought) creates friction. Here’s the twist: institutional buyers like Generali Asset Management just boosted stakes by 8%, adding $21.3M in Q3. This institutional confidence could offset insider concerns—if the stock holds key levels.

Actionable Trades: Calls for Leverage, Puts for Protection

For options traders:

• Aggressive bullish play: Buy CRM20260102C270 (Friday expiry). If CRM rebounds above $259.89 (middle Bollinger Band), these calls could surge as short-term bulls capitalize on the bounce.
• Conservative bearish hedge: Buy CRM20260102P250 to protect against a breakdown below $252.52. The high OI here means liquidity and potential for a quick exit if the stock gaps lower.

For stock traders:

• Entry near $254.31–255.63 (200D support) with a target at $265 (30D resistance). Stop-loss below $252.52.
• Alternatively, consider a bullish call spread: Buy CRM20260109C270 (next Friday) and sell CRM20260109C280 to cap risk while profiting from a moderate rebound.

Volatility on the Horizon: Positioning for CRM’s Next Move

The coming 48 hours will test CRM’s resolve. A close above $265.38 (intraday high) could reignite the short-term bullish trend, validating the call-heavy options positioning. But a breakdown below $252.52 would trigger a wave of put buyers, potentially dragging the stock toward $246.14 (lower Bollinger Band).

Your edge? Position yourself at the intersection of options flow and technical levels. If you’re bullish, the $270 calls offer leverage. If you’re cautious, the $250 puts provide insurance. Either way, CRM’s volatility is about to get interesting.