Anticipating AAPL's Takeout of 11/9 Rally High
by Mike Paulenoff
December 20, 2020 • 11:27 AM EST
On Tuesday morning, December 8, with AAPL trading in pre-market action at 124.64, Mike Paulenoff told MPTrader members to watch for more upside:
"AAPL is following a similar, if less exciting post-coil breakout price path than did TSLA one month ago. My attached 4-hour chart shows that since the end of the Sep-Nov coil formation at 112.59 on 11/24, AAPL has stair-stepped to the upside to this AM's pre-open high at 124.96 (+11% so far), in route to a challenge of the 11/09 rally high at 127.32, which if taken out, will point to new all-time highs projected to 140-142."
During the subsequent 9 trading days, AAPL's emergence and upside continuation from the Sep-Nov bllish coil formation morphed into a new upleg that took out the 11/09 rally high at 127.32, and thereafter, climbed to a 129.58 high last Thursday afternoon (12/17), a gain of 4% since Mike's 12/08 technical update to MPTrader members.
What next for AAPL? Will it hold support at 123-125, and continue higher to a full-fledged test of the September all-time high at 138.55? Will US-China trade policy in the waning days of the Trump Administration compromise Apple's business prospects, or enhance them?
Join Mike at MPTrader as he and our members closely monitor AAPL's price path and backstory to determine if the stock "has the right stuff" to make a run at new highs before year-end.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including
international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
Last Tuesday afternoon, hours before CAVA (Cava Group) was scheduled to report Earnings, this is what I posted for MPTrader members:CAVA reports Earnings after today's close. Approaching the news, CAVA is circling 61, a full 40% beneath its April 2026 high at 98.79, amid an unconfirmed new corrective low at 60.21 yesterday (8/10/26), leaving CAVA positioned for a "buy-the-news" setup (the opposite of a sell-the-news setup in a name that is up 30% to 40% approaching Earnings).
Good Sunday Afternoon, MPTraders! Last Thursday afternoon, ahead of AAPL's Earnings, this is what we discussed about the stock's probable price path in reaction to the news:Unless AAPL produces something extraordinary, or otherwise announces some unknown bullish catalyst, my pattern work has a very difficult time expecting anything other than a "best-case" sell-the-news scenario in reaction to Earnings. I can make a compelling argument that the upleg from the 6/26/26 low at 273.33 to the 7/29/26 ATH at 344.
XOM (Exxon Mobil)-- Back on May 19, 2026, a fellow MPTrader member requested an update on XOM. This is what we discussed at that time:My attached Daily Chart setup shows my preferred scenario calling for a near-term peak of the current upmove from the 4/17 low at 141.97 to a target zone from 162 to 165, followed by a rollover and press lower that revisits and possibly breaks the 41/7 low, which also will complete the larger corrective process from the 3/30/26 ATH at 176.41.
Pharma Update: MRK and LLYOn Wednesday (6/24/26), this is what we discussed about MRK:MRK as well, which we see on my attached Daily Chart exhbits a VERY BULLISH technical setup-- quite the opposite of beleaguered PFE. My pattern work argues that all of the price action from the 2/25/26 high at 125.14 represents a high-level bullish digestion period and pattern atop the major upleg from the May 2025 low at 73.31.
On January 2, 2026, this is what I posted about CAVA (Cava Group Casual Mediterranean Cuisine) to MPTrader members:After CAVA's meteoric climb from 29.00 in October 2023 to an ATH at 172.65 in November 2024, the stock rolled over into a relentless decline that hit its low at 43.
