DAX 40

Key insight

25,500 round-number resistance is the immediate gate — clear it on volume and 26,000 opens; failure here risks a pullback to 25,000 50-day MA cluster before year-end positioning begins.

25,424 holds above the 200-day MA near 23,800 and Q3 2026 breakout base at 24,000; index trades within 2% of all-time highs with European equities broadly bid.

Main risk

Oil at $100 / European inflation revival

Brent at $100.3 lifts energy import costs for Germany; ECB rate-cut path narrows if CPI re-accelerates above 2.5%.