NEW YORK (TheStreet) -- Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report blew through a key support zone during Friday's 5.7% breakdown. The stock ended last week below its July low as downside trade swelled to its heaviest level since January.

At last month's low, Microsoft held key support near its April 24 earnings-inspired breakout gap. With this key level giving way on Friday, Microsoft was very vulnerable. It didn't take long for shares to fall another 6%, reaching an even-more-important support area in the process.

Microsoft bounced off major support near the $40 area after Monday's panic-selling ran its course. This key zone held the January, February, March and April lows. Following Tuesday morning's follow-through rebound, Microsoft fell back down to this area. Just below, at $39, is the stock's 2013 peak.

This level marks the bottom of a support zone that could supply the footing needed for shares to bottom. If selling pressure continues to ease and the stock returns to an oversold moving average convergence/divergence reading, bullish investors should be poised to put money to work.

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As the major support zone between $40 and $39 comes into play, Microsoft is stretching its fall from the April highs to nearly 20%. Over the last four sessions, the downside momentum has picked up dramatically. It's unlikely that Microsoft will slice through $39 as easily as it did the $43 area, but investors should respect the overall market weakness and maintain a relatively tight stop.

A close below the $38 area would be a clear warning sign that the bearish momentum now in place is overmatching key support zones.

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