RIO2 LIMITED - TSXV: $RIO OTC: $RIOFF - Rounding Bottom

Having recently announced and upsized bought deal private placement of C$22.00M, the shares of RIO2 LIMITED - TSXV:RIO OTC:RIOFF continue to act well and appear to be carving-out a potential rounding bottom as we can observe from the Daily chart above.

While RIO trades comfortably above both its 20 and 50 DMA's, it presently finds itself in battle at its 200 DMA, which we suspect, very well may be cleared in the days/weeks ahead.

Thus, while further work is required from a technical standpoint, both investors/traders may want to continue to monitor the action closely moving forward for if RIO can go topside of the $0.49 level at any point in the days ahead, we may just witness a rapid advance into the $0.55 - $0.60 zone, for starters.

Nonetheless, the action in RIO has our eyes and attention and should the above scenario play-out, we believe that once the $0.55 - $0.60 zone is cleared, a secondary objective could potentially put the shares in position for a run at the $0.70 - $0.80 zone.