(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) New York Stock Exchange insider Jay Woods is keeping an eye on an earnings report from Uber Technologies this week, which could possibly spark a share price rally. Uber will report first-quarter results before Wednesday’s opening bell. Shares closed at $75.12 on Friday afternoon. Woods, chief market strategist at Freedom Capital Markets, believes that the stock will find strong support around the $70 to $72 level, and investors should buy shares if the ride-hailing service trades in that area. “Uber’s been stuck in neutral, but it’s broken a recent downtrend,” said Woods “$70, $72 is support. It looks like it’s strong support.” He added: “So any dip, we believe Uber should be bought. And then on a rally, if you can get back above $78 it should be smooth sailing to $85 — the 200-day moving average — as this stock does try to make that U-turn.” Uber had fallen for six straight months until April, when it rebounded almost 4%. (Watch full video above.) Woods also goes over the following in the exclusive video: How he’s watching if the S & P 500 can continue rallying in May despite slight turbulence ahead. Why he’s also keeping an eye on Palantir Technologies , with the stock “in the crosshairs” right now. (This weekly Monday video is exclusively for CNBC PRO subscribers.)
