Is Merchants Bancorp (Indiana) technically bullish or bearish?

As of 10 October 2025, the technical trend for Merchants Bancorp (Indiana) has changed from mildly bearish to bearish. The current stance is bearish with weak strength, indicated by the daily moving averages and the bearish signals from Bollinger Bands. The MACD shows a mildly bullish signal on the weekly timeframe but is bearish on the monthly, which adds to the mixed signals. The stock has underperformed significantly compared to the S&P 500, with a year-to-date return of -14.40% versus the S&P 500's 11.41%, and a one-year return of -30.20% compared to 13.36% for the index.