Option traders moderately bearish in Petrobras (PBR), with shares down 46c near $20.55. Options volume roughly in line with average with 61k contracts traded and puts leading calls for a put/call ratio of 1.48, compared to a typical level near 0.57. Implied volatility (IV30) is higher by 0.8 points near 39.78,in the top quartile of the past year, suggesting an expected daily move of $0.52. Put-call skew flattened, suggesting a modestly bullish tone.
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