Salesforce (CRM) Options Signal Bullish Setup: Key Strikes and Trade Ideas for Jan 23, 2026

• Options data shows heavy call open interest at $230–$235 strikes, but a put/call ratio of 0.79 hints at lingering bearish sentiment.
• KeyBanc just reiterated an Overweight rating with a $400 price target, citing Life Sciences Cloud growth.
• Technical indicators (RSI at 26.35, bearish MACD) suggest oversold conditions but no clear reversal yet.

Here’s the thing: Salesforce’s options market is sending mixed signals. On one hand, calls at $230–$235 are packed with open interest, showing traders are betting on a rebound. On the other, the put/call ratio (0.79) means more money is flowing into calls than puts. But don’t ignore the bearish technicals—this stock is still in a short- and long-term downtrend. Let’s break it down.

What the Options Chain Reveals About Market Sentiment

The most eye-catching part of the options chain? Heavy call open interest at $230 (OI: 3,340) and $235 (OI: 1,758) for Friday’s expiration. That’s not just noise—it’s a sign some traders expect a short-term pop before the weekend. But the puts aren’t far behind: $215 (OI: 3,221) and $220 (OI: 2,282) are loaded with bearish bets, especially for next Friday’s expiration.

This setup feels like a tug-of-war. Bulls are hedging for a bounce off oversold RSI levels, while bears are bracing for a test of the $217.5 lower Bollinger Band. And no major block trades today? That’s neutral—no whales moving the needle right now. The risk? If CRM cracks $222.5 (a key support level), the puts at $215–$220 could accelerate the slide.

How KeyBanc’s Bullish Call Fits Into the Bigger Picture

KeyBanc’s $400 price target is bold, especially with CRM trading near its 52-week low. But here’s the catch: The Life Sciences Cloud rivalry with Veeva is a long-game play. Analysts love the AI-powered Slackbot and Novartis deal, but those aren’t instant catalysts. The options market isn’t pricing in that $400 optimism—yet.

Still, investor perception matters. If the AI-driven Agentforce platform starts winning more clients, the $230–$235 calls could get a tailwind. But until then, the bearish technicals (MACD below zero, 30D MA at $254.05) mean any rally might be short-lived. The key question: Will the bulls hold CRM above $227.5 (the 200D MA support zone) to keep the rally alive?

Actionable Trade Ideas for TodayFor Options Traders:

• Bullish Play: Buy CRM20260130C230 (next Friday’s $230 call). Why? The $230 strike has the most open interest, and if CRM holds above $227.5, this call could catch a rebound. Target: $235–$240.
• Bearish Play: Sell a put spread at CRM20260130P220 and CRM20260130P217.5. The puts at $220 (OI: 1,525) and $217.5 (OI: 1,625) are prime candidates if the stock breaks below $222.5.

For Stock Traders:

• Entry Near $227.5 if support holds. Target: $235 (intraday high) if the 30D MA ($254.05) breaks higher.
• Stop-Loss Below $222.5 to avoid triggering the puts at $215–$220.

Volatility on the Horizon

The next 72 hours will be critical. If CRM can’t break above $235 (the upper Bollinger Band at 284.58 is a stretch), the bearish trend will likely resume. But if the Life Sciences Cloud wins start piling up—and the $230 calls hold—this could be a short-term breakout play. Either way, the options market is pricing in a volatile finish. Stay close to those key levels: $227.5, $235, and $217.5.

Bottom line: This isn’t a clean breakout scenario. But for traders who like high-risk, high-reward setups, the $230 call and put spread offer clear entry points. Just don’t ignore the bearish technicals—this stock isn’t out of the woods yet.