At least for Friday, Feb. 22, Googling the term "total destruction" may yield a search result showing a chart of Kraft Heinz (KHC) - Get Report . Indeed, the stock is being annihilated, closing down 27.46% to $34.95 on Friday. 

This is not something that its conservative, income-focused investor base had in mind when it got into one of Warren Buffett's largest holdings. As of the most recent data, Kraft Heinz represents more than 7.5% of the Oracle's holdings, trailing only Apple (AAPL) - Get Report , Bank of America (BAC) - Get Report , Wells Fargo (WFC) - Get Report , Coca-Cola (KO) - Get Report and American Express (AXP) - Get Report .

The damage to Buffett is pretty clear, with his position down by more than$4 billion assuming it's unchanged from the latest 13-F filings and was unhedged going into Friday. But what's the damage to the charts?

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Eight-year weekly chart of Kraft Heinz stock

We had to go all the way back to a weekly eight-year chart.

The decline has knocked the dividend yield for Kraft Heinz all the way up to 4.6% -- and that's after the company just axed its dividend by 40%. That may start to attract some income-hungry investors, even amid Friday's bruising decline. Assuming the current dividend remains intact, it becomes a question of where the buyers will start to step in.

Could they step in at $35? They may. But on a move like this, experienced buyers don't usually like to go in on day one. They like to see a stock wash out for a few sessions and eventually reverse higher. It's not so much that this guarantees them a bottom, but more so gives bulls a level to measure against on the downside. This $35 mark was resistance and then support back in 2013, before the name began a massive multi-year run.

The bigger issue is KHC's major downtrend. Highlighted in blue, this chart has been nothing but ugly for the past 18 months. Friday's decline is simply the cherry on top of the bearish pie.

Down over 60% from its 2017 highs, Kraft Heinz has been on an ugly ride. Let's look to see if the $34 to $35 area can hold up. If it can't, this one is in no man's land. If this area does hold as support, look to see if Kraft Heinz stock can get back above downtrend support (blue line). If it can, a snap-back rally into the low-$40s is possible.

The Bottom Line on Kraft Heinz Stock

As TheStreet's Jim Cramer always says, accounting issues equals sell. Does Kraft Heinz have an accounting issue? Well, it did

receive an SEC subpoena

for its accounting practices, which doesn't exactly spell confidence in its bookkeeping capabilities. Missing on revenue and earnings estimates Thursday night isn't helping matters either.

There's a lot to digest in an earnings report, let alone a slashed dividend and the disclosure of potential accounting issues. Then add in the concept of figuring out Kraft Heinz's future earnings potential (both short and long term) and it's no wonder it's down big Friday.

See if $35-ish holds, then evaluate.

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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.