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	C	Weak or Absent	Up	Up	Down	1.12%
Sep 26	C	Weak or Absent	Up	Up	Down	0.57%
Sep 25	C	Weak or Absent	Up	Up	Down	0.27%
Sep 24	B	Weak or Absent	Up	Up	Flat	-0.46%
Sep 23	A	Strong	Up	Up	Up	-1.87%
Sep 20	A	Weak or Absent	Up	Up	Up	-1.06%
Sep 19	A	Weak or Absent	Up	Up	Up	-1.76%
Sep 18	A	Weak or Absent	Up	Up	Up	-0.98%
Sep 17	A	Weak or Absent	Up	Up	Up	0.31%
Sep 16	B	Weak or Absent	Up	Up	Up	0.81%