DAX 40

Key insight

26,000 round-number resistance caps the rally; a daily close above it opens 26,500 (2026 extension target). Below 25,600 flips near-term bias back to neutral and puts the 50-day MA at 25,200 in play.

25,940 holds above the 200-day MA near 23,800 and last month's breakout at 24,500 — trend intact, but pace slows as oil at $94.8 lifts input-cost concerns for German exporters.

Main risk

Oil at $94.8 — energy cost spike

Brent near $95 compresses margins for DAX industrials and chemicals; sustained above $95 threatens Q4 earnings guidance cuts.