DAX Bounces Back, Eyes 24,500 as Optimism Returns
Market optimism is rising as the DAX looks to bounce back from a weak third quarter. Despite a short-term overbought status, the index has broken out of its range and reclaimed the psychologically important 24,000 point mark.
The DAX's upward trend remains intact as long as it stays above the breakout mark of 23,885 points. However, a pullback could occur before the recent rally continues, potentially starting around 24,300 or 24,360 points. Key support levels are at 24,122, 24,065, 24,000, and 23,970 points, while resistances lie at 24,162, 24,205, 24,299, and 24,360 points. The next resistance target could be the significant level at 23,479/500. Despite a US government shutdown, the DAX performed strongly on Wednesday, reaching a high of 24,140 points and closing with a 1% gain at 24,113 points.
The DAX's recent performance has been encouraging, with the index showing resilience despite external pressures. As it looks to build on the strength of the first half of the year, investors will be closely watching key support and resistance levels to gauge the index's next move.
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