The Canadian energy company, Encana (ECA) has seen significant call buying both last week and this week, primarily concentrated in the October expiration $12 and $13 strike calls. Open interest has grown to over 22,000 contracts (around $.75 level) and over 15,000 (around the $.35) contracts respectively. The $12 level on the stock is a key support level, which has held so far with the stock bouncing up to $12.35 as of this writing. What caught my eye was the publication of a very bullish research report by Merrill Lynch this morning with a buy rating and $19 price target. Encana is a very sporadic trader in options land, so all this activity of recent days caught my eye, which seems very well timed to the publication of this report. Coincidence??