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
Nov 21	C	Weak or Absent	Up	Flat	Down	0.50%
Nov 20	C	Weak or Absent	Up	Down	Down	1.05%
Nov 19	C	Weak or Absent	Up	Down	Down	1.20%
Nov 18	C	Weak or Absent	Up	Down	Down	1.32%
Nov 15	A	Weak or Absent	Up	Up	Up	-0.95%
Nov 14	A	Weak or Absent	Up	Up	Up	-1.84%
Nov 13	A	Weak or Absent	Up	Up	Up	-1.06%
Nov 12	A	Weak or Absent	Up	Up	Up	-1.02%
Nov 11	B	Weak or Absent	Up	Up	Up	-1.39%
Nov 8	B	Weak or Absent	Up	Up	Up	-1.69%