The questionable "Checking the Oil" wrestling move is NOT A MYTH ... so says Hulk Hogan -- who tells TMZ he was once on the wrong end of the violating technique from 7'4" Andre the Giant!!!

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Hulk's story backs up the claim made by TMZ's Mike Walters -- that wrestlers will press a finger on the bottom end of an opponent in an effort to throw them off their game ... aka "Checking the Oil."