After UPS for the year, RiskReversal.com's Dan Nathan said Wednesday that now is the time to short the stock.

"It's not the fundamentals that have me concerned. Iit's the technical setup," said Nathan, talking about the stock's dip below its 200-day moving average.

"We do not want to see a meaningful break below the trend line, below support at $100 and below that momentum indicator."

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Nathan recommended shorting the stock at about $99.50, targeting the $93.50 level, which means he's banking on a drop of approximately 6 percent.

—By CNBC's Kristin Cwalinski