Atwood Oceanics, Inc. (NYSE: ATW)

Atwood Oceanics, Inc., an offshore drilling contractor, engages in the drilling and completion of exploratory and developmental oil and gas wells. The company owns a fleet of approximately 11 mobile offshore drilling units primarily located in the United States, Gulf of Mexico, the Mediterranean Sea, offshore West Africa, offshore southeast Asia, and offshore Australia. It also has three ultra-deepwater drill ships, and two high-specification jack ups under construction. The company was founded in 1968 and is headquartered in Houston, Texas.
To review Atwood's stock, please take a look at the 1-year chart of ATW (Atwood Oceanics, Inc.) below with my added notations:
ATW has formed a key level of support at $54 (blue) over the last (3) months. In addition, the stock has created a trendline of resistance (red) starting in the beginning of August. These two levels combined have ATW stuck within a common chart pattern known as a descending triangle. At some point, the stock has to break through one of those two levels.

The Tale of the Tape: ATW has formed a descending triangle. A short trade could be made on a break of the $54 support. A break through the downtrending resistance level, which currently sits near $56, would set up a potential long trade.
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