This NASDAQ Composite price target watch will focus on longer-term price targets I’ve previously calculated for the index. To do that I will be using a monthly candlestick chart and a weekly candlestick chart. Monthly and weekly candlestick charts also tend to eliminate some of the daily price movements which do not matter as much as the overall trend, IMO.

So let’s dive into this NASDAQ Composite price target watch and confirm price targets and trends.

NASDAQ Composite Price Target Watch

This first chart is a 20 year monthly candlestick chart. The long-term black Fibonacci Extension Tool has its Golden Ratio (the 161.8% Target Line) at the 8,294 price level.

The Golden Ratio is considered a key growth level where one of two things usually happen. The first thing is a possible consolidation period. The second thing is a growth outbreak.

Analyzing the “Golden Ratio” of a Very Long-Term Trend

So what should you be looking for during this NASDAQ Composite price target watch? Even with the possibility of a growth outbreak, I would think that the black 161.8% Target Line for the NASDAQ Composite[s2If !current_user_can(access_s2member_level1)]…….

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I review the next set of price targets for the index and the likelihood that the targets are reached.

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Whether or not the buying volume can overcome that selling resistance is what will need to be monitored. Especially as the NASDAQ Composite enters into the gray shaded box I placed on the chart. This is monitored using the MACD Histogram on a monthly candlestick chart.

The MACD Histogram currently shows increasing buying momentum again for the index. If the buying momentum starts to slow as the index hits the 8,294 level, that most likely means a consolidation period is at hand. If buying momentum continues increasing, look initially for an “overshoot” to approximately the 9,000 level.

2 Year Weekly Chart

This next chart is a 2 year weekly candlestick chart for the NASDAQ Composite price target watch. This shorter-term look at the index uses some recent uptrends and pullbacks to see what price targets may lie ahead. The Golden Ratio for the blue Fibonacci Extension Tool suggests a 8,434 price target.

Analyzing Probable Price Targets Based on Recent Activity for the NASDAQ Composite

The Golden Ratio for the green Fibonacci Extension Tool (not shown on the above chart) is at the 9,054 level. That Golden Ratio seems to confirm the overshoot level to the 9,000 price area.

As you can see on the above chart, I set an alert when the index crosses above the 8,294 price level. I have alerts sent to my cell phone as a text message. Using alerts is one of the best ways to incorporate price targets that I calculate on Trendy Stock Charts. Consider using alerts for your stocks and different indices as well.

NASDAQ Composite Price Target Watch Summary

The recent pullbacks for a lot of stocks were nothing less than scary. Especially when the NASDAQ Composite is at all-time highs. But according to this NASDAQ Composite price target watch, maintain your long positions until the index at least reaches the 8,294 price level.

When the NASDAQ reaches the 8,294 price level, it could see significant resistance when trying to break above that level. An overshoot could take the index to the 9,000 level before coming right back down to the 8,200 level and below.

Additional analysis is needed once the index reaches 8,294. Look for an update on the index once that happens. We will analyze the probability of the 9,000 overshoot at that time. And more importantly, if it will be necessary to sell around the 9,000 level or continue holding.