Could Oil Break Above $104 and Rally Toward $120? $OIL has become one of the key markets to watch as Middle East tensions continue to increase, raising the risk of supply disruptions and broader market volatility. Technical Analysis On the daily time frame, oil is attempting to break above the key $104 trading level and the Resistance Lines. From an Elliott Wave perspective, oil appears to have completed Primary Wave 4, suggesting that Primary Wave 5 could now develop as a new bullish Impulsive Wave. I expect oil to continue higher toward $112 and potentially $116. If geopolitical tensions escalate and bullish momentum strengthens, a break above the Resistance Zone($112-$119) could extend the move toward the Potential Reversal Zone(PRZ)[$117-$123]. Stop Loss(SL): $99 Could oil reach $112-$123, or will the breakout above $104 fail first? #OIL