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 27	B	Weak or Absent	Down	Down	Down	27.16%
Sep 26	B	Weak or Absent	Down	Down	Down	24.72%
Sep 25	B	Weak or Absent	Down	Down	Down	21.08%
Sep 22	A	Weak or Absent	Up	Flat	Down	17.79%
Sep 21	A	Weak or Absent	Up	Up	Down	17.40%
Sep 20	A	Weak or Absent	Up	Up	Flat	15.82%
Sep 19	A	Weak or Absent	Up	Up	Up	14.62%
Sep 18	A	Weak or Absent	Up	Up	Up	14.16%
Sep 15	A	Weak or Absent	Up	Up	Up	15.41%
Sep 14	A	Weak or Absent	Up	Up	Up	15.83%