Here are five stocks that we're watching with strong technical momentum.

1. Inovio Pharmaceuticals  (INO) is acting great, having nearly doubled since its January low. Two weeks ago it bounced off the bottom of its rising channel, and it has been in a steep ascent since then. On Wednesday it broke above the channel top, up 49 cents to $8.63 on 3 million shares traded after the company reported its Ebola vaccine caused "robust immune responses" in an initial human trial. The next target is in the $9 zone, which was the August high, and then $11.

2. Lumentum Holdings  (LITE) is in a beautiful up-channel. Other than one day in March when it fell sharply before bouncing, the stock of the maker of optical and photonic products has been trending upward in an orderly manner. Resistance is at Wednesday's high at $27.20. If it can get through that, look for the stock to make it to the channel top in the $30-$32 zone.

3. Universal Display  (OLED) had a good day on Wednesday, gaining $2.03 to close at $54.76 on 1.3 million shares. The company, which develops organic light-emitting diode technology for TVs and mobile devices, benefited from speculation that Apple will move to OLED. The move broke the stock out of a mini-wedge it had been in. Watch for a test of its December high near $58. Above that, the stock could get into the mid-$60's and then the low-$70's.

4. ORBCOMM  (ORBC) continues to impress, up 46 cents to $10.06 on Wednesday on nearly 3 million shares. The move, which came on no news, took the stock of the diversified communications services company to a new nine-year high, and broke it out of a coil. Though it's right up against the channel top, it has strong momentum and may accelerate to $11.50, and then $13.50.

5. TASER International (TASR) broke out a flag pattern on Tuesday and Wednesday on no news. The stock bounced off the bottom of what appears to be a new rising channel off its January low. The top of the channel points to $24-$24.50.

See video chart analysis on these stocks.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.