Moderately bullish activity in Petrobras with shares up 4.5%

Moderately bullish activity in Petrobras (PBR), with shares up 92c, or 4.5%, near $21.46. Options volume relatively light with 27k contracts traded and calls leading puts for a put/call ratio of 0.61, compared to a typical level near 0.62. Implied volatility (IV30) is higher by 0.8 points near 40.59,in the top quartile of the past year, suggesting an expected daily move of $0.55. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Outperform at Bradesco BBI.