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 mild strength indicated by the weekly MACD and Bollinger Bands both showing bearish signals. The daily moving averages also confirm a bearish outlook. The KST is bullish on a weekly basis but mildly bearish monthly, which adds some complexity to the overall view. 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 index.