Uber stock is showing promising signs of a potential reversal, according to analyst Jay Woods, who believes the stock has broken a recent downtrend. He suggests a buying opportunity around the $70-$72 level, with a potential rally to $85 if it breaks above $78. The analysis comes ahead of Uber’s first-quarter earnings report this week.
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Uber Technologies (NYSE: UBER) is showing signs of a potential turnaround, according to New York Stock Exchange insider Jay Woods. Woods, chief market strategist at Freedom Capital Markets, believes the stock has "broken a recent downtrend" and could be poised for a rally, particularly ahead of its first-quarter earnings report scheduled before Wednesday's opening bell.
Currently trading around $75.12 (as of Friday's close), Woods identifies strong support levels between $70 and $72, suggesting a buying opportunity for investors. He anticipates that a move above $78 could pave the way for a significant climb to the 200-day moving average around $85 – a potential 20% increase from current levels.
Uber experienced six consecutive months of decline until April, when it rebounded nearly 4%. Woods also noted he is watching Palantir Technologies and the S&P 500 for potential movements. This analysis is part of a weekly Monday video exclusively for CNBC PRO subscribers.
