$SIVR on Watch List for Silver Trade

I like $SIVR over $SLV as it is treated like a stock / ETF and not a limited partnership (LP), which $SLV is a LP (the later is a headache at tax time). Silver has been consolidating in a wide range now for about 11 months as you can see by the shaded area on the chart. It looks to me like it has also established a channel over the last few months and is now near the bottom of that channel. This may be a nice area to look for an entry to ride it back to the top of the channel with a well defined risk.

I have not taken this trade. I will wait for it the short term moving averages to point up at which time I'll look for a logical entry. If of course that happens. It could also drop below the channel. If it does that it would be bearish IMO.

Ideas, not investing / trading advice.

Trade active:

$SIVR Started a position in this Silver ETF this morning @$25.30. Looking for this to move to the top of the channel. Stop under June 29th low. Very tight.