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
Sep 21	A	Weak or Absent	Up	Up	Down	18.10%
Sep 20	A	Weak or Absent	Up	Up	Flat	16.52%
Sep 19	A	Weak or Absent	Up	Up	Up	15.31%
Sep 18	A	Weak or Absent	Up	Up	Up	14.85%
Sep 15	A	Weak or Absent	Up	Up	Up	16.10%
Sep 14	A	Weak or Absent	Up	Up	Up	16.52%
Sep 13	B	Weak or Absent	Up	Up	Flat	18.22%
Sep 12	A	Weak or Absent	Up	Up	Up	17.52%
Sep 11	A	Weak or Absent	Up	Up	Up	17.84%
Sep 8	A	Weak or Absent	Up	Up	Up	17.99%