Barclays’ share price (LON: BARC) is seeing its first positive day after a significant sell-off. Global banks have faced challenges following the collapse of Silicon Valley Bank (SVB), leading to bearish trends for both US and UK bank stocks. As a result, Barclays’ shares dropped to a new yearly low at GBX 146.

On Tuesday, LON: BARC rebounded, marking its first green day in four sessions. The shares have recovered by 3.65% from the previous day’s close and are currently trading at GBX 152.92, well above the psychological level of GBX 150.

Earlier this week, UK shares experienced sharp declines, with the FTSE 100 index hitting new yearly lows as bank shares were heavily sold off. However, on Tuesday, the index gained 350 points as bank stocks, along with other major companies, rebounded.

It’s also worth noting that Barclays’ share price began the day with negative movement, only turning positive as the release of US inflation data approached. The bounce in the FTSE 100 also contributed to the price increase. Despite today’s gains, the overall outlook for Barclays’ shares remains bearish.

The LON: BARC chart shows a tough picture for bullish investors. After a strong start in 2023, the stock has lost all its gains and is now trading near its yearly lows. Additionally, the price has fallen below its December low of GBX 152, which could now act as a resistance level.

In the coming days, Barclays’ share price may attempt to retest the GBX 160 level, though it’s likely to face resistance due to the 200-day moving average. If the stock continues to make lower lows, it could find support around GBX 142.6, a key demand zone that has historically triggered reversals.