Intel's processor price hikes drive stocks higher

US markets saw a strong surge in shares of tech giant Intel on Wednesday, with stocks climbing more than 4% before the market opened.

The sharp rise in share prices is attributed to the company's reported price hikes for its processors.

Prices are expected to rise further at the beginning of April, and the company has already raised prices several times this year by 10-15%.

Technical outlook for the stock

Intel's stock is currently trading near $46, moving sideways in what appears to be a consolidation phase. If this consolidation is successful, it could propel the stock higher in the long term.

Currently, the stock may target the $50 level. A breakout above and close above the resistance level of $51.45 could lead to continued upward movement in the medium to long term.