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:

 

After a sever sell-off from March until June, ATW worked it’s way up to $50 and has now stalled within a common rectangle pattern. Rectangle patterns form when a stock gets stuck bouncing between a horizontal support and resistance. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. ATW’s rectangle pattern has formed a $50 resistance (red) and a $44 support (green). A break above $50 would also be a new 52-week high.