Gilead Sciences (GILD) - Get Report is off another 2.2% today as it extends Wednesday's 2.8% loss. This weak action is driving shares back down to a major support zone. With selling pressure easing of late and the stock in oversold territory, a very low-risk entry opportunity may be on the way. Patient Gilead bulls should keep a sharp focus on the $86 area and be prepared to put money to work there.

Gilead has had a very rough month. January began with an ugly downside gap, and by the close of trade that day, the stock fallen below its December low. This 3% drop opened to gates to a fresh bear leg. During this phase, Gilead took out its September and October as well, but managed to find support near its Aug. 24 spike low. Shares managed to rebound off this area but were rejected at resistance near the September as this week began. Since then the stock has faded once again and has returned to support as downside momentum continues to be worked off.

For Gilead investors, the action over the last two weeks should be encouraging. The stock is attempting to find its footing after a 14% decline this month. The support zone now in play should be viewed as a low-risk entry area. This zone includes the stock's powerful spike lows set in December of 2014 as well as August of last year. The buy zone runs from $87 to $85. A close below $83 would do severe damage to this support and would indicate the early January selloff has further to go.

Of note, Gilead is scheduled to report its fourth-quarter results after the close on Feb. 2.

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