Johnson & Johnson (JNJ) - Get Report is in full breakdown mode today. The stock is off nearly 2% at midday Tuesday as the steep post-election pullback extends to over 8%. Johnson & Johnson stock is now taking out the October low and appears headed lower before a solid bottom can be reached. In the near term, J&J investors will likely see lower entry opportunities.

Back on Nov. 9, Johnson & Johnson exploded to the upside with the help of a huge breakout gap. Shortly after the opening bell that day, the stock was trading above both its September and October highs. This very powerful move left behind a solid base near the 200-day moving average, setting the stage for a fresh rally leg.

Unfortunately for the bulls, J&J immediately began to fade, and by the end of last week, shares were once again testing the 200-day moving average. This week, the stock is taking out key support near this long-term indicator.

On Tuesday, Johnson & Johnson is testing the October low near $113. This is a key level to monitor. A close below this area at the end of November would leave behind a key monthly downside reversal. In the aftermath, a deep selloff followed by a prolonged basing process is likely.

For patient investors, this continued weakness would lead to a very low-risk entry opportunity. Johnson & Johnson has a major support zone in place between $109.50 and $107. This key area includes the 2014 and 2015 highs and should be considered a buy zone.

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This article is commentary by an independent contributor. At the time of publication, the author was long JNJ.