economy
Uber has ‘broken a recent downtrend’ and could be heading for a ‘U-turn’ this week, says Jay Woods
Jay Woods reviews Uber Technologies and another market bellwether before they release first-quarter results this week.
TL;DR
- Uber Technologies is set to report first-quarter results before Wednesday's opening bell.
- Jay Woods believes Uber shares have strong support at the $70-$72 level and should be bought on any dip.
- A rally above $78 could send Uber shares smoothly sailing to $85, the 200-day moving average.
- Uber rebounded almost 4% in April after falling for six straight months.
- Woods is also monitoring the S&P 500's rally and Palantir Technologies.