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
Aug 28	B	Weak or Absent	Up	Up	Flat	4.01%
Aug 27	B	Weak or Absent	Up	Up	Up	3.73%
Aug 26	B	Strong	Up	Up	Up	3.49%
Aug 23	B	Strong	Up	Up	Flat	4.29%
Aug 22	A	Strong	Up	Up	Up	3.61%
Aug 21	B	Strong	Up	Up	Up	3.57%
Aug 20	A	Strong	Up	Up	Flat	4.47%
Aug 19	A	Strong	Up	Flat	Flat	4.62%
Aug 16	A	Strong	Up	Flat	Flat	4.70%
Aug 15	C	Strong	Up	Flat	Flat	5.15%