Trendy retailer of threads and accessories, Buckle , is having a banner today the shares have jumped nearly 9% on decent volume. This morning, the company said its board had granted approval to repurchase 500,000 common shares. The shares earmarked by this buyback program are in addition to those remaining (28,000 of 1.5 million) as part of an existing buyback program authorized originally in October 2005.

While a single-day jump of 9% is certainly nothing to sneeze at, things aren't too encouraging from a technical-analysis perspective. With about 15 minutes left in Wednesday's trading session, the stock has so far been unable to hurdle its 10-day moving average. In fact, BKE's intraday high today was right at this overhead, descending trendline. Some good news, however (like how I flip-flop? Thanks.) is that BKE has also not violated its 20-month moving average to the downside. Since September 2003, this long-term trendline has contained all but 2 monthly closes.

It's possible BKE could be set to enter a trading range, with the 10-day providing the upside boundary and the 20-month serving as a bastion of support. These trendlines are currently located near 36.50 and 33.00, respectively.