Trend Table for MBINM - Merchants Bancorp - Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Jan 2	C	Weak or Absent	Up	Up	Down	14.56%
Dec 29	C	Weak or Absent	Up	Up	Down	16.70%
Dec 28	D	Weak or Absent	Up	Up	Down	14.15%
Dec 27	B	Weak or Absent	Up	Up	Flat	12.44%
Dec 26	B	Weak or Absent	Up	Up	Flat	12.28%
Dec 22	B	Weak or Absent	Up	Up	Up	11.79%
Dec 21	B	Weak or Absent	Up	Up	Up	11.44%
Dec 20	A	Weak or Absent	Up	Up	Up	10.22%
Dec 19	B	Weak or Absent	Up	Up	Up	12.28%
Dec 18	C	Weak or Absent	Up	Up	Down	15.03%