Shares of PPG Industries (PPG) - Get Report are taking a major hit today. The stock is off over 9% after beginning the session with a huge downside gap. This news-inspired breakdown has taken out major support as a new down leg gets underway. For patient PPG investors, much lower -- and safer -- entry opportunities are ahead.

Since the start of the Brexit breakdown on June 24, PPG has been tracing out a narrowing consolidation pattern. During this phase, the stock has been straddling its 200-day moving average while putting in a string of lower monthly highs. Four weeks ago, this sideways action began to look more bearish. PPG fell below the 200-day as selling pressure picked up, allowing overhead pressure to intensify. Following today's breakdown, a great deal of downside momentum has been unleashed as major supply levels are now left behind.

PPG is trading well below its 40-week moving average as the week comes to an end. The stock has not closed below this long-term indicator since early 2010. This pressure will push the stock lower in the near term. As this plays out, patient PPG bulls should monitor the $88.50 area as a low-risk buy zone. This level marks the 2016 low set back in February. A hold here, along with a divergent daily moving average convergence/divergence low, could lead to a significant rebound. Until then, PPG will likely prove to be a painful long.

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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.