WTI Crude Oil closed Friday at a new 7-year high weekly closing price. This is a bullish sign and many trend-following hedge funds will be buying more WTI Crude Oil futures on Monday. However, bulls should be warned that the multi-month price action remains rectangular shaped, as can be seen by the price chart below, with the $76.36 level above the current price quite likely to act as resistance. Nevertheless, the price is likely to rise over the very short term and could rise by much more once it gets established above $76.36.