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A new record high for the German DAX index in 2023
German DAX index hits new peak at 15,740 points
Strong rise in oil stocks contributes to a significant increase in the DAX index
The current levels of the index have not been seen since January 2022
The DAX index was not affected by the contraction in the purchasing managers' index
Significant rise for the German DAX index
The German DAX index has managed to reach a new high for 2023, reaching a level of 15,740 points, despite negative data from the German industrial purchasing managers' index. Yesterday's data showed a contraction in the German industrial purchasing managers' index, registering 44.7 points, slightly higher than the previous reading of 44.4 points.
The index saw a 0.56% increase today, rising by 88 points to trade around 15,710 points.
On the other hand, European stocks have seen limited gains since the beginning of the week, led by oil company stocks, following a surprise announcement from "OPEC+" regarding voluntary reduction in oil production.
Key levels for the German DAX index
The DAX index has managed to surpass the resistance level of 15,670 points, which it achieved at the beginning of March this year, and its rise today extended to reach its highest peak at a level of 15,740 points. It is likely that the climb will continue towards the 16,000-point level and then, upon surpassing it, the index may continue its rise to test the resistance level of 16,280 points. However, all of this is conditional on prices remaining above 15,670 points.
In the event that the index falls from its current levels, it may find support around the 15,650 level, then the stronger support at 15,550, which is a significant and pivotal area for the index. If this level is broken, it is likely that the decline will extend to the 15,350-point level.
Overall, the index is moving within an upward channel on a daily timeframe. After testing its lower limit at the 14,650 level, it successfully rebounded and rose rapidly. Therefore, it is likely that this upward trend will continue to test the upper limit of the upward channel around the 16,280-point level.
