DAX 40

Key insight

25,800 round-number floor is the line in the sand — a close below flips near-term bias bearish toward the 50-day MA at 25,400. Above 26,000 resistance, the ATH at 26,200 comes back into play.

Pulls back 0.5% to 25,857 — holds above the 25,800 round-number support but stalls well below the ATH at 26,200, leaving the index in a narrowing range with no clear breakout catalyst.

Main risk

Oil spike to $92.6 lifting inflation expectations

Oil +1.5% to $92.6 raises Eurozone energy costs, complicating ECB rate-cut path and squeezing German industrial margins.