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
Dec 27	B	Weak or Absent	N/A	Flat	Down	14.91%
Dec 23	B	Strong	N/A	Flat	Down	15.04%
Dec 22	A	Strong	N/A	Up	Down	13.71%
Dec 21	A	Strong	N/A	Up	Flat	11.80%
Dec 20	A	Strong	N/A	Up	Flat	11.88%
Dec 19	A	Strong	N/A	Up	Flat	11.80%
Dec 16	A	Strong	N/A	Up	Up	11.14%
Dec 15	A	Strong	N/A	Up	Up	11.06%
Dec 14	A	Strong	N/A	Up	Flat	11.18%
Dec 13	A	Strong	N/A	Up	Up	9.63%