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
Oct 11	C	Weak or Absent	Down	Down	Up	23.37%
Oct 10	C	Weak or Absent	Down	Down	Up	24.02%
Oct 9	D	Weak or Absent	Down	Down	Flat	25.54%
Oct 6	C	Weak or Absent	Down	Down	Flat	24.39%
Oct 5	C	Weak or Absent	Down	Down	Flat	24.20%
Oct 4	C	Strong	Down	Down	Down	25.29%
Oct 3	C	Strong	Down	Down	Down	25.70%
Oct 2	C	Strong	Down	Down	Down	24.34%
Sep 29	C	Strong	Down	Down	Down	23.96%
Sep 28	C	Strong	Down	Down	Down	25.68%