Expedia (EXPE) - Get Report closed on Wednesday with a 3% loss with the help of a big jump in downside trade. This was the third straight fall for the online travel company, a stretch that has dropped the stock more than 6%.

An important support zone will soon come into play. If the stock fails to attract attention here, more downside is likely ahead.

Expedia's struggles began back in late October, as the stock's powerful 26% rally off the September low ran into a wall. Expedia stock quickly reversed after testing last December's peak. By mid-November, the stock had returned to its summer highs. Expedia consolidated just above this area for the bulk of the month and into early December, but with overhead pressure building, the stock is now trading below last month's low.

With the month halfway gone, Expedia is headed for a second straight lower monthly high.

In the near term, Expedia investors should keep a close eye on the $115 area. This key support is marked by the 200-day moving average as well as the early September high. The rally off the September lows staged a powerful breakout after clearing this area. If Expedia can regain its footing here, a low-risk entry opportunity will develop for the A- rated stock.

A clear break below $114 could extend the bumpy ride.

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