DAX 40

Key insight

25,368 consolidates after a multi-month rally; 25,500 (Oct swing high) is the immediate gate. Clear break above opens 26,000. Failure recycles back to 24,800 cluster support. Oil at $100.8 adds input-cost pressure on industrials.

25,368 holds above the 25,000 round-number base and 200-day MA near 23,800 — trend intact. EUR/USD at 1.1177 (-0.3%) eases export headwinds for DAX heavyweights like BASF and Siemens.

Main risk

Oil at $100+ / Energy cost shock

Brent near $100.8 squeezes German industrial margins; sustained break above $105 would drag DAX earnings estimates lower into year-end.