DAX Still on Course for Success?
The DAX has made significant gains since the beginning of 2025. With a level of around 23,997 points at the end of May, it recorded an increase of about 1,500 points compared to the end of 2024. The annual return varies between +19% and +28% depending on the source.
Market Situation and Technical Analysis
After a strong upward movement, the DAX might be running out of steam. The technical analysis suggests a consolidation phase, with many analysts expecting a ‘summer lull’ – a period of low volatility and little movement.
Important Price Levels
- Supports: 23,476 / 23,287 / 23,190 / 23,000 points
- Resistances: 23,768 / 23,911 / 24,000 / 24,152 points
- Gaps: Gaps in the chart could be closed at around 22,607.
Volatility and Investor Strategies
The VDAX-New, which measures DAX volatility, is currently at 23–24%. Investors in a sideways phase could consider the following strategies:
- Range Trading: Buy near support, sell near resistance.
- Dividend Strategy: Focus on high-dividend DAX stocks.
- Options Strategies: Hedging or additional income through premiums.
- Diversification: Expansion into other markets or asset classes.
Top Performers and Flops
| Period | Top Performer | Flop |
|---|---|---|
| YTD | Rheinmetall (+186%) | Porsche (-29%) |
| Last Year | Siemens Energy (+279%) | Porsche (-42%) |
| Last Several Years | Rheinmetall (+2,238% over several years) | Bayer (-60% over several years) |
Conclusion
After the soaring heights, the DAX faces a potential sideways movement. Active management is needed: Opportunities lie in range trading and dividend strategies, while buy-and-hold may be less effective.