We investigate periodical oscillations observed in the conductance of suspended Au and Pt atomic chains during elongation in a break junction setup. Analysis of conductance and shot noise measurements reveals that the oscillations are related to variations in a specific conduction channel as the chain undergoes transitions between zigzag and linear atomic configurations. The calculated local electronic structure shows that the oscillations originate from varying degrees of hybridization between the atomic orbitals along the chain as a function of the zigzag angle. These variations are highly dependent on the directionally and symmetry of the relevant atomic orbitals, in agreement with the order-of-magnitude difference between the Pt and Au oscillation amplitudes observed in experiment. Our results demonstrate that the sensitivity of conductance to structural variations can be controlled by designing atomic-scale conductors in view of the directional interactions between atomic orbitals.