GER 30 Surges To New High

Equity markets recovered swiftly after lower-than-expected US personal consumption expenditure quelled the fear of reflation.

The DAX has bounced off the key short-term support at 14430 to challenge the all-time high at 14800.

Solid momentum above a bullish MA cross confirms that buyers are still in control of the price action. A close above 14800 may convince more trend followers to join in and push the index higher.

To the downside, 14590 would be the immediate support for the RSI to cool off.