Q: Make it possible to retract comment flags I misread the content of a comment, and flagged it. Then I realized that the comment wasn't what I had initially thought. Would it be possible to have the ability to retract comment flags, just like we have the ability to retract flags on questions and answers?
I'm aware of this support question from four years ago. But the answer there is just that it's not possible. At the time it was not possible to retract any flags. It is now, but not for comments.
This is a separate feature-request which requests that it may become possible to retract comment flags.
If I've realized a flag was a mistake, I think it's unnecessary to keep it in the queue of content the moderators have to look at. Also, it would add an unnecessary "rejected" to the flaggers statistics. Sure, people should think before they flag. But everyone makes mistakes sometimes. 

A: When you try to raise another flag, after your flag has been declined by a moderator, there will be a warning that reads:  

Your last flag was declined - please review (a link for flags for username) it before flagging this post!

It happened to me more than a few times and no big deal. There is no negative effect on your reputation and you won't be suspended for flagging an appropriate comment unless you do it for a hobby.
I understand why you are raising this issue, but please be careful when you are flagging. If you are not sure, you don't have to flag it. Let others take care of it. Also, comments are not the important part of Stack Exchange format and they are not designed to last long anyway. 
If SE accepts your feature request, I would not object to it strongly, but what if users start to overuse or abuse flagging comments and cancelling them? I think cost outweighs benefit here. 
Also, you need to note that questions could be edited for your retraction of a flag, but comments can't be edited after 5 minutes of posting. 

A: Happy to announce that ability to retract a comment flag is now live network-wide. If you can flag a comment, then you can retract that flag.
It works in a similar way to post flag retractions - click on the activated flag, and confirm in the resulting modal that you would like to retract the flag. Note: you cannot reflag the same flag on the same comment after retracting it - unless it is a custom flag, in which case you are allowed to reflag it.
