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
Jul 18	A	Weak or Absent	Up	Up	Up	2.98%
Jul 17	B	Weak or Absent	Up	Up	Up	2.98%
Jul 16	B	Weak or Absent	Up	Up	Up	2.98%
Jul 15	B	Weak or Absent	Up	Up	Up	3.66%
Jul 12	B	Weak or Absent	Up	Up	Up	2.94%
Jul 11	B	Weak or Absent	Up	Up	Up	3.38%
Jul 10	C	Weak or Absent	Up	Flat	Up	4.60%
Jul 9	D	Weak or Absent	Up	Down	Flat	5.60%
Jul 8	D	Weak or Absent	Up	Flat	Flat	5.14%
Jul 5	C	Weak or Absent	Up	Flat	Flat	4.76%