Salesforce (CRM) Trade Idea
Salesforce.com (CRM) shares consolidating in a multi-week range under $245 with the rising 21-EMA below Friday’s lows setting up a nice risk/reward for a move higher. CRM has seen narrowing closes over the last three weeks and a move above $246.50 has room up to $255 and above the February peak. Shares are holding up well above the April value area and broader weekly base has room to run. CRM has seen buyers in the June 2022 $270 calls for $7M, the Sept. $250 calls and the Sept. $260/$300 call spread in June. And, there is also size in the September $230 calls as well from mid-May, over $4M.
Trade to Consider: Long the CRM August $250/$270 call spread for $4.55