Trend Table for MBINN - Merchants Bancorp - Depositary Shares 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Strong

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Dec 29	C	Strong	Up	Up	Flat	28.21%
Dec 28	C	Strong	Up	Up	Up	25.83%
Dec 27	C	Strong	Up	Up	Up	25.21%
Dec 26	C	Weak or Absent	Up	Up	Up	27.77%
Dec 22	C	Weak or Absent	Up	Up	Up	27.32%
Dec 21	C	Weak or Absent	Up	Up	Up	29.18%
Dec 20	C	Weak or Absent	Up	Up	Up	29.38%
Dec 19	C	Weak or Absent	Up	Up	Up	29.31%
Dec 18	C	Strong	Up	Up	Up	31.16%
Dec 15	C	Strong	Up	Up	Up	29.77%