The point where the resultant net magnetic field intensity or vector is zero is known as the null point or neutral point.
At neutral, the net magnetic field produced by the magnet and the earth is zero.
As a result, the compass needle can point in any random direction.
The magnet's neutral point is a place where the related magnetic field is zero.
When the horizontal portion of the earth's field is balanced by the magnetic field created by the magnet, the neutral point is frequently reached.
When the N pole of the magnet is facing another N pole of another magnet, then due to repulsion between the magnetic field lines, the net magnetic field in between the magnets is zero.
At the X position, the magnetic field is zero, thus, the X is representing the null point.