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Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras (PBR) with 6,044 puts trading, or 1.0x expected. Most active are Apr-25 12 puts and May-25 13 puts, with total volume in those strikes near 3,700 contracts. The Put/Call Ratio is 3.05, while ATM IV is up nearly 4 points on the day. Earnings are expected on May 12th.

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