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 9	B	Weak or Absent	Up	Up	Up	11.99%
Jan 8	B	Weak or Absent	Up	Up	Flat	12.67%
Jan 5	B	Weak or Absent	Up	Up	Flat	12.90%
Jan 4	B	Weak or Absent	Up	Up	Down	12.76%
Jan 3	C	Weak or Absent	Up	Up	Down	14.14%
Jan 2	C	Weak or Absent	Up	Up	Down	13.36%
Dec 29	C	Weak or Absent	Up	Up	Down	15.47%
Dec 28	D	Weak or Absent	Up	Up	Down	12.94%
Dec 27	C	Weak or Absent	Up	Up	Flat	11.25%
Dec 26	B	Weak or Absent	Up	Up	Flat	11.10%