'Don't be fooled' by Disney right now: Trader

According to one trader, Disney's stock isn't looking so magical.

Shares of the media giant jumped 3 percent this week. However, Dan Nathan of RiskReversal.com warns investors that it's still too soon to be bullish on the stock.

Disney is scheduled to report fourth-quarter earnings after the bell on Feb. 9. According to Nathan, a disappointing earnings report could send the stock tumbling.

"Don't be fooled right here," Nathan said Thursday on CNBC's "Fast Money." "If they have a miss, this thing is going to have an 8-handle on it very quickly. I think it bottoms out probably at $80."

Read More10 stocks that nearly always rise on earnings

A move to $80 would be a 17 percent plunge from where Disney shares traded Friday.

Meanwhile, on Thursday, one options trader closed out a large bearish position on Disney, Nathan noted. And while the stock has found support at $90 over the past year, Nathan said it's broken through another important support level in its multiyear uptrend.

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