Moderately bullish activity in Petrobras (PBR), with shares down 0c near $18.98. Options volume running well above average with 122k contracts traded and calls leading puts for a put/call ratio of 0.42, compared to a typical level near 0.44. Implied volatility (IV30) is higher by 2.7 points near 42.2,in the top quartile of the past year, suggesting an expected daily move of $0.50. Put-call skew flattened, suggesting a modestly bullish tone.
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