Option traders moderately bearish in Petrobras (PBR), with shares down 26c near $14.88. Options volume relatively light with 27k contracts traded and puts leading calls for a put/call ratio of 1.24, compared to a typical level near 0.88. Implied volatility (IV30) dropped 0.94 near 34.61,and above the 52wk median, suggesting an expected daily move of $0.32. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Bradesco BBI.
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