Oil cut through support levels Wednesday, why the fall could continue

WTI crude crumbled after EIA inventory data
triggered a rapid selloff in oil.
High US stockpiles of crude
WTI is down $1.63 to $44.71 today in the worst percentage drop since Aug 1. What was instructive was how easily it cut through the 21, 55 and 100-day moving averages along with the 38.2% retracement of the August rally and the $45 psychological level.