Is First Merchants Corp. (Indiana) technically bullish or bearish?

As of 3 October 2025, the technical trend for First Merchants Corp. (Indiana) has changed from mildly bullish to bearish. The current stance is bearish, with key indicators supporting this view including a bearish signal from the daily moving averages and a mildly bearish MACD on both weekly and monthly time frames. The Bollinger Bands are also indicating a bearish trend on the weekly chart. Additionally, the KST shows a bullish signal on the weekly but is mildly bearish on the monthly, while the Dow Theory indicates a mildly bearish stance on the weekly and no trend on the monthly.
In terms of performance, the stock has underperformed compared to the S&P 500 across multiple periods, with a year-to-date return of -4.79% versus the S&P 500's 14.18%, and a 3-year return of -3.90% compared to 82.57% for the benchmark.