Shares of CVS Health (CVS) - Get Report were hit hard on Thursday. The drug store operator fell 3.5% as downside volume surged to over double average. This news-inspired flush took out multiple key levels, opening up the stock to further downside.

As Thursday's breakdown develops, CVS will face a very important test. In the near term, patient CVS investors should keep a close eye on the $92 area.

The rebound that followed the Brexit low carried CVS back up to its 200-day moving average. Earlier in June, the stock stalled at this level and did so again in mid July. As July came to a close, CVS was retreating again, leaving behind back-to-back monthly highs near the 200-day moving average in its wake. Just prior to its Aug. 2 earnings report, the stock had regained its footing near the June low. The powerful breakout move that followed left behind a third straight monthly low near $92.

Despite the huge boost that CVS received post-earnings, it could not pierce its 200-day moving average. The stock spent nearly 17 straight sessions attempting to push through. This area is now a very ominous-looking pattern and could provide enough pressure to drive a deep selloff. A very important test is on the way for the stock. If CVS can continue to hold the $92 area, which marks the June, July and August lows, a low-risk buying opportunity will develop. If this area is taken out on continued heavy selling pressure, CVS investors should expect a much deeper pullback.

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