Corona virus summary:

Quick Take

• China's chip-making giant SMIC, which recently partnered with bitcoin miner maker Canaan, has filed for $2.8 billion IPO
• SMIC's IPO filing comes amid rising trade tensions between China and the U.S., which have affected the largest chipmaker TSMC – Bitmain's major chip supplier
• Crypto mining expert Kristy-Leigh Minehan expects SMIC's IPO to "succeed with flying colors" because China needs a next-generation fabrication facility that can serve foreign markets

Technical analysis:

Trading recommendation:

Watch for selling opportunities on the rallies using the intraday frames 5/15 minutes for better entry location.

The downside target is set at $8,685