By Reg Curren Nov. 5 (Bloomberg) -- Natural gas futures are set to head lower as they fail to rebound above $4.85 per million British thermal units, according to a technical analysis by Veronique Lashinski, a Newedge Group analyst in Chicago. The December futures contract has fallen 21 percent from a four-month intraday high of $5.989 per million Btu, dipping as low as $4.719 yesterday. “The picture is very weak,” Lashinski said in an interview yesterday. “As long as December remains under $4.85, it is positioned to go down.” The December-delivery contract fell 19.7 cents, or 4 percent, to settle at $4.725 per million British thermal units yesterday on the New York Mercantile Exchange. Gas has dropped 16 percent this year. A close above $4.85 per million Btu “would point to a corrective bounce and an attempt at breaking $5” in the near term, she said. The contract has support at $4.70, $4.633 and then $4.50, according to her analysis.

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