DAX 40

Key insight

25,608 clears near-term resistance at 25,500 — next structural test is the 2026 high at 26,200. Oil's -3.6% drop to $93 lowers energy-cost drag on German industrials, reinforcing the upside case.

25,608 holds above the 25,400 50-day MA — broad European rally (+1.2%) confirmed by S&P 500 at 7,695 and Nasdaq at 29,928, with EUR/USD stable at 1.1484 removing FX headwinds.

Main risk

Oil spike reversal / geopolitical flare-up

Oil at $93 (-3.6%) is a short-term tailwind, but a sudden reversal above $100 would squeeze German manufacturing margins and reprice risk-off.