Intel shares are surging 10% today, helped by a combination of improving analyst sentiment, potential pricing power and increased optimism surrounding the company’s foundry business.Northland Securities upgraded Intel to Outperform from Market Perform and established a $120 price target. Analyst Gus Richard pointed to improving execution in Intel’s turnaround, tight supplies of server processors and the potential benefit from the company’s reported involvement with Tesla’s Terafab semiconductor project.If that relationship develops, it could provide an important boost for Intel Foundry, the division responsible for manufacturing chips for outside customers.Separately, DigiTimes reported that Intel may raise CPU prices by as much as 10%. If demand remains firm and processor supplies stay constrained, higher prices could help Intel improve margins and strengthen its financial and manufacturing position.Those fundamental developments have given buyers a reason to push the stock higher. However, the technical picture is what tells traders where the bullish bias remains intact—and where it begins to weaken.Buyers started taking control last weekIntel shares fell below the 100-day moving average on August 18 and remained below that longer-term technical barometer as the price declined to $85.14 on August 24.The first signs of a potential turnaround appeared last week. The price moved above its 100-hour moving average—currently at $91.27—on Thursday before extending above its 200-hour moving average at $94.72 on Friday.Moving above both hourly moving averages shifted the short-term technical bias back in favor of the buyers. Those breaks did not guarantee that the price would continue higher, but they gave buyers greater control and provided the technical foundation for today’s sharp move.The gap higher strengthens the bullish biasIntel gapped higher today, with the low during the first hour of trading reaching $100.35. Holding above the psychologically important $100 level was the first positive signal.The price subsequently moved above a swing level near $102.40 and the rising 100-day moving average at $104.27. Intel has now remained above its 100-day moving average for the past five trading hours.That is important. The 100-day moving average represents a key dividing line between buyers and sellers. As long as the price remains above that level, the buyers are in firm control.What are the next upside targets?The next target comes at the August 13 swing high of $107.57. A sustained move above that level would open the door toward the 50% retracement of the decline from Intel’s June all-time high. That midpoint comes in at $112.05.The price has not traded above those levels since July 9, making the area an important upside objective—and a likely test of whether today’s momentum can develop into a more sustained bullish move.What would weaken the bullish picture?For buyers, the rising 100-day moving average at $104.27 is now the closest risk-defining level. Staying above it keeps the technical bias firmly pointed higher.A move back below the 100-day moving average would be a warning that some of today’s enthusiasm is beginning to fade. The next important support would then come near the former swing resistance at $102.40.The bottom line is that the buyers are making a play. Above $104.27, they remain in firm control, with $107.57 followed by $112.05 as the next upside targets. A move back below $104.27—and particularly below $102.40—would weaken the bullish technical picture. This article was written by Greg Michalowski at investinglive.com.