When you look at Kenvue (KVUE), you may see a boring consumer health company.

I’m not sure that’s a fair assessment, considering they’re the world’s largest pure-play consumer health company by revenue, generating $15.5 billion in net sales in 2024.

Their products may be boring: Tylenol, Listerine, Band-Aids… but you can’t say they aren’t under every bathroom sink in America.

You probably see a pending merger with Kimberly-Clark (KMB), whose $48.7 billion acquisition of Kenvue is dominating financial headlines.

And you surely see the safe and predictable “Hold” rating from a bunch of Wall Street analysts who can’t make up their minds.

But what I see is a TPS setup quietly building on the chart.

And I’m watching it closely.

Let’s Start With the (T)rend

This is always my first checkpoint. I don’t care about a company’s products, their CEO, or what Jim Cramer said last Tuesday. I care about what the chart is telling me.

KVUE has been in a clear downtrend. flowing from the top left to the bottom right since early 2025.