NEW YORK (TheStreet) -- Shares of Verizon (VZ) - Get Report have been struggling since last Tuesday's earnings report. The stock fell nearly 2.5% that day after releasing its second-quarter results before the bell. Verizon gapped to the downside on the news and, with Monday's slump, is now off over 4% from last week's high.

This selloff has pushed the stock down to a major support zone. For sidelined investors, a low-risk entry opportunity may soon develop.

As June began, Verizon suffered a damaging breakdown. The stock took out a key trend line that had linked the March/April lows on June 1. Three days later, shares were hit with a powerful selling wave following negative comments from JPMorgan. Verizon fell 2% that day as downside trade matched its heaviest level of the year.

The gap lower open wiped out a solid support area near the stock's 200-day moving average. By the end of the month, the 200-day had turned lower and by the start of this month the 50-day moving average had plunged below to the 200-day. An extremely heavy overhead weight was now pressuring the stock. As we near the end of July, the pressure remains on.

With roughly 50 cents of downside, Verizon will begin to retest a major support zone. In mid-December of last year, shortly after one of the stock's largest downside gaps on Dec. 9, shares bottomed just above $45. This was a near-perfect retest of the 2013 low.

In late January, Verizon put in its 2015 low at $45.37. With the help of a divergent moving average convergence/divergence pattern, the stock quickly reversed, leaving behind a significant spike low in the process.

For patient Verizon investors, a return to this support zone should be considered a low-risk entry opportunity. A close below $44 would send the bulls a clear warning sign.

Click here to see the below chart in a new window. 

Image placeholder title

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