DAX — back near its record as oil pressure easesDAX IndexXETR_DLY:DAXplexustendDAX spent the last year building one long structure, and July put it to the test. Autumn 2025 to early July 2026: a sustained climb. The bundle runs beneath price through this stretch — the case where structure and direction agree, and there is little to argue with. Early July: the record high, then a stall. Price steps back from the top of the range. July: the recovery. Frankfurt is trading back near that record after German business-climate data improved and energy prices eased on hopes the US and Iran resume talks. Whether the bundle holds price on this approach or the index stalls under its own record a second time is open — the structure is what's visible, not the outcome. Method: tendency planimetry (Insen / OpenTraders) — families of moving averages whose convergence zones act as dynamic support and resistance with direction. Not financial advice. For analysis and education only.