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Intel shares surged 10% today driven by positive analyst sentiment, potential CPU price increases, and growing optimism regarding its foundry operations. Northland Securities upgraded the stock to Outperform with a $120 price target, citing improving operational execution, tight server processor supplies, and prospective involvement in Tesla's Terafab project. Additionally, reports from DigiTimes suggest Intel could raise CPU prices by up to 10%, potentially expanding profit margins if demand holds firm. From a technical perspective, the stock established short-term bullish momentum after breaking above its 100-hour and 200-hour moving averages late last week. Today's price action featured a bullish gap up, holding firmly above the psychological $100 level and crossing above the key 100-day moving average at $104.27. Technical buyers remain in control as long as the price trades above this key indicator. Looking ahead, traders are eyeing immediate upside resistance targets at the August 13 swing high of $107.57. A sustained break above this level could push the stock toward the 50% Fibonacci retracement level at $112.05, which marks the midpoint of its decline from the June all-time highs. Key support is now anchored at the 100-day moving average.
