Get ready to rumble if PSEi holds at 7,700 support level

From a technical perspective the benchmark PSEi of blue chip issues is trying to establish a base at the 7,700 support level where market closed last week.

"This is an important level to watch, because a successful hold will create enough demand to sponsor further recovery towards 7,800 to 7,850 resistance targets," Luis Limlingan, managing director at Regina Capital Development Corp., said in a weekly market note.