Oil Tests a Major $104 Breakout — Is $112–$123 Next?
Oil has become one of the most important markets to watch as geopolitical tensions in the Middle East remain elevated and supply risks continue to influence global markets.
On the daily timeframe, oil is attempting to break above the key $104 trading level and the Resistance Lines.
Technical Analysis
From an Elliott Wave perspective, oil appears to have completed Primary Wave 4, suggesting that Primary Wave 5 could now begin developing as a new bullish Impulsive Wave.
If the breakout above $104 is confirmed, I expect oil to continue higher toward $112.
Stronger bullish momentum, combined with further geopolitical escalation, could push price into the $112–$119 Resistance Zone.
A confirmed breakout above this structure could then open the way toward the major Potential Reversal Zone (PRZ) at $117–$123.
Trade Setup
First TP: $112
Second TP: $116
Stop Loss: $99
Key Levels: $104 | $108
Resistance Zone: $112–$119
PRZ: $117–$123
Oil remains highly sensitive to geopolitical headlines. Any sudden escalation or de-escalation in the Middle East could quickly change the structure and create sharp volatility across oil, equities, gold, and crypto markets.
Which level will oil reach first?
🟢 $116
🔴 $99
#oil
Oil has become one of the most important markets to watch as geopolitical tensions in the Middle East remain elevated and supply risks continue to influence global markets.
On the daily timeframe, oil is attempting to break above the key $104 trading level and the Resistance Lines.
Technical Analysis
From an Elliott Wave perspective, oil appears to have completed Primary Wave 4, suggesting that Primary Wave 5 could now begin developing as a new bullish Impulsive Wave.
If the breakout above $104 is confirmed, I expect oil to continue higher toward $112.
Stronger bullish momentum, combined with further geopolitical escalation, could push price into the $112–$119 Resistance Zone.
A confirmed breakout above this structure could then open the way toward the major Potential Reversal Zone (PRZ) at $117–$123.
Trade Setup
First TP: $112
Second TP: $116
Stop Loss: $99
Key Levels: $104 | $108
Resistance Zone: $112–$119
PRZ: $117–$123
Oil remains highly sensitive to geopolitical headlines. Any sudden escalation or de-escalation in the Middle East could quickly change the structure and create sharp volatility across oil, equities, gold, and crypto markets.
Which level will oil reach first?
🟢 $116
🔴 $99
#oil