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Howden Joinery HWDN on watchlist

LSE:HWDN   HOWDEN JOINERY GROUP PLC ORD 10P
Using Weinstein stage analysis on the weekly chart we see that HWDN is potentially entering Stage 2 having broken out of a minor Stage 1 resistance and retested the 30MA. Watching for a break above the upper golden trendline drawn from the previous Stage 3 highs. The upper and lower golden trendlines indicate a bullish triangle pattern and is very close to an ascending triangle (horizonal top).

I will take a half position on a break above 530.

My preference would be for further consolidation within the triangle pattern with a contracted trading range leading to a more powerful breakout in the future.