DAX Surges to New High, Eyes Record as Renewables Drive Gains
The DAX, Germany's leading stock market index, surged to a new high of 24,140 points during the day, closing with a 1% gain at 24,113 points. This strong performance follows a technical breakout above the resistance zone of 23,850 to 23,890 points. The index is now eyeing significant resistance at 23,479/500.
Renewable energy producers, such as Repower AG, contributed to the DAX's rise in October, with gains of around 24.1%. Smaller green electricity producers also played a role. Meanwhile, industrial stocks suffered losses due to economic uncertainty and rising costs. The DAX's strong performance on Wednesday helped it reclaim the psychologically important 24,000 point mark. Market hopes are growing that the DAX can leave behind the weak third quarter and build on the strength of the first half of the year. Possible support levels are at 24,065, 24,000, and 23,975 points. The record high of July at 24,639 points is now back in focus for the DAX.
While the DAX is overbought in the short term, as indicated by the RSI in the hourly chart, suggesting a possible pullback today, the trend remains upward as long as it stays above the breakout mark of 23,885 points. The DAX could next target significant resistance at 23,479/500.
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