German stock market reaches new high: can the DAX reach 30,000 by year-end?

Chart analysis now suggests further upward trends. Some analysts even see the possibility that the DAX could reach the 30,000-point mark by the end of the year.

The DAX reached a new high of 27,001.67 points on Thursday. The strong quarterly figures from Siemens and Allianz were primarily responsible, contributing 11.1 and 9.7 percent to the index increase, respectively.

Falling oil prices also contributed to the positive development, attributed to hopes for geopolitical easing. Hiroyuki Kikukawa, Chief Strategist at Nissan Securities Investment, suggested that work was being done behind the scenes on a ceasefire between Russia and Ukraine. Furthermore, an escalation of the Iran war is considered unlikely before the American-Chinese summit.

Falling oil prices dampen inflation concerns and improve the mood in the stock markets. A relaxation in technology stocks, with the exception of Nvidia, also contributes to this positive environment.

Technically, the situation has also improved, as the DAX has left previous record highs between 26,574 and 26,693 points behind. This is interpreted as a classic cup-handle formation, which implies a calculated potential for further growth of around 1,800 points. The next target is therefore at approximately 28,400 points. For this, the DAX must maintain the current highs.

A short-term risk exists in the open price gap, the lower edge of which is at 26,662 points. Should the DAX close this gap, it could fall back into the previously overcome resistance zone, which would test the breakout. A further downward trend could weaken the fresh buy signal.