If I own a stock that trades at 100$, and I want to sell the stock if it either goes to 95$ or below and also if it goes to 105$ or above, is it possible to do so? Do I need to use a stop order or a limit order?
You need to use one of each, so a single order wouldn't cover this:
The stop-loss order could be placed to handle triggering a sell market order if the stock trades at $95 or lower. If you want, you could use a stop-limit order if you have an exit price in mind should the stock price drop to $95 though that requires setting a price for the stop to execute and then another price for the sell order to execute.
The limit sell order could be placed to handle triggering a sell if the stock rises above $105.
On the bright side, once either is done the other could be canceled as it isn't applicable anymore.