On the heels of Hurricane Harvey, a massive selling wave it driving The Travelers Companies sharply lower. At midday, TRV is off nearly 3% after opening the week with a damaging downside gap. This is a sharp reversal from the rather positive action of just two weeks ago. Fortunately for the bulls, a major support zone is now in play. If shares of this insurer can regain its footing near current levels, a very low-risk entry opportunity will develop.

Back in late May, TRV was breaking free from a multi-month consolidation pattern. On Aug. 25, the stock confirmed a fresh rally leg with the help of a 1.3% gain on heavy trade. TRV went on to reach new all-time highs in June, leaving behind a major support zone in the process. Following this morning's selloff, the stock has returned to this key area and, despite an ominous August top, a low-risk entry opportunity may be at hand for the A- rated stock.

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In the near term, patient TRV investors should keep a close eye on the $123.00 to $121.00 area. This major support zone includes the stock's 2016 peak as well as the February and April highs of this year. Just below is the powerful May 25 breakout point at $122.20. Also in the area is TRV's upward sloping 200-day moving average, which also held the 2017 low following the April earnings release. If this important area can hold, TRV will have survived the storm. On the downside, a close below $120.00 would be a clear warning sign.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.