DAX 40

Key insight

The DAX is trading at a fresh all-time high above 26,100 — a technical breakout from the 25,875 July resistance zone — powered by the dual tailwind of falling oil prices on US-Iran diplomacy progress and a strong Q2 earnings season; upside targets of 27,200 (technical analyst consensus) and 28,800 are now in play if macro conditions hold.

DAX has broken decisively above the prior 25,875 resistance (July swing high and upper Bollinger Band) and crossed 26,000 for the first time, confirming a new all-time high driven by easing US-Iran geopolitical tensions and strong corporate earnings from Siemens Healthineers and SAP.

Main risk

US-Iran Diplomacy Collapse / Strait of Hormuz Risk

Any breakdown in US-Iran negotiations or a renewed blockade threat to the Strait of Hormuz would spike oil prices, reverse the key catalyst that lifted the DAX to record highs, and likely trigger a swift pullback toward the 25,300–25,400 support zone.