SHORT CRUDE OIL AND SAFE THE WORLD?!

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Hello traders investors and community, after an attack on oil facilities on the biggest oil production in Saudi Arabia the oil price surged as demand and "fear" rise. In this analysis, I will have a closer look at what is really going on and what to expect from oil prices the next time.
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Fundamentals:
1. Oil Production!
- Drone attacks on Saudi Oil facilities have revealed a big weakness in oil production.
- The price surged for a time because of fear from a failure in world oil production --> Hedgers buying Oil --> Price surges
- Saudi Oil production is recovering
2. Climate Change!
- climate change today is a big topic as many people going on the streets to demonstrate against climate change
- Governments looking to decrease the CO2 emissions by 2030 and have a goal with complete CO2 neutrality by 2050
- In the Paris agreement, 197 contracting parties have concrete defined goals and plans to decrease CO2 emissions in the future
3. What does that mean for the Oil Price?
- Oil is a big enemy for climate change, therefore governments are looking for alternative energy and to decrease oil-related products such as petroleum heating etc.
- Oil as a production good in the future will decrease and demand will fall, as more and more governments looking for improvement of their CO2 emissions (As mentioned in point 2.)
- Therefore the Oil price will fall because demand decreases
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Technicals:
- With looking at the big picture we see oil is trading in a big triangle, as you can see in my chart marked with black trendlines
- There is a huge resistance at 63 to 68 marked with the red box in my chart
- Normally those patterns brake in the direction which they came from with a 75 % probability
- There was a big impulse before forming the triangle
- Also, we see huge selling volume
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This gives an overall bearish outlook, in my chart you can see the target for this trade!
The information provided is only educational
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