In general, the neutral point can be defined as the point in the drill string where there is a change from tension to compression in the axial stress or the pont that is zero tension and zero compression. The location of this neutral point depends on WOB and the Bf buoyancy factor (that depends on drilling fluid). In practice, the neutral point changes its place as there is a fluctuation in the WOB.
https://www.drillingmanual.com/neutral-point-calculations-in-drilling-string/
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